DCM Metals Ltd. has a 31 December year-end. The tax rate is 30% in 20X4, 35% in
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DCM Metals Ltd. has a 31 December year-end. The tax rate is 30% in 20X4, 35% in 20X5, and 42% in 20X6. The company reports earnings as follows:
Taxable income and accounting income are identical except for a $300,000 revenue reported for accounting purposes in 20X4, with one-half reported in 20X5 and one-half in 20X6 for tax purposes. The revenue is related to a long-term account receivable, taxable only when collected.
Required:
Compute tax expense and deferred income tax on the statement of financial position for 20X4, 20X5, and 20X6.
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Income tax payable Accounting earnings Temporary difference Taxable inco...View the full answer
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