Dynamic Ltd. reported the following 20X8 statement of profit and loss:

Other information:
a. There is an $80,000 accrued rent receivable on the statement of financial position. This amount was included in rental income (revenue) this year but will not be taxed until next year. This is the first time such an accrual has been made.

b. The CCA claim for 20X8 is $301,000. At the beginning of 20X8, UCC was $2,165,000, while net book value was $2,916,000. The balance in the related deferred income tax liability was $300,400.
c. Revenue includes dividends received of $50,000, which are not taxable at any time. 

d. Other expenses include nondeductible political donations of $30,000.
e. The statement of financial position shows an asset account called “deferred income tax asset $30,000,” which is the benefit of a $75,000 loss carryforward, recorded in 20X7.

Required:
Prepare the journal entry or entries to record tax in 20X8. Show all calculations. The tax rate is 40%.

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DYNAMIC LIMITED Statement of Profit and Loss For the Year Ended 31 December 20X8 Revenue Cost of goods sold Depreciation General and administrative expenses Other Profit before tax $1,560,000 700,000 180,000 50,000 20,000 950,000 $ 610,000