nd deferred income tax liability at December 31, 2020. Do this for each item and identify any balances as either a deferred tax asset or a deferred tax liability. Prepare the journal entry(s) to record current income taxes for 2020 and record an entry for the deferred tax determined in part c.
The following information is available for Victoria Inc. for calendar 2020: 1. Instalment sales recorded on the books was $ 100,000. Collections of instalment receivables was $ 50,000. Installment sales are taxed when cash is received. 2. Golf club dues were $ 3,800. 3. Machinery was acquired in January 2020 for $ 300,000. Victoria uses straight-line
( a ) Calculate taxable income for 2020.
Calculate current income taxes payable for 2020.
Calculate the balance of any deferred income taxes asset and deferred income tax liability at December 31, 2020. Do this for each item and identify any balances as either a
Prepare the
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