1 4 QUESTION DATA. Elegant Flowers inc. (EFI] began operations in 2018 You seorabo, are working on the 2020 year's DEFERRED tax calculation and noted the following information 3. The tax rate for 2018 and 2019 was om Aneta rate of 25 was enacted to low on August 1, 2020 for 2020 and later. As a publically accountable enterprise. En foliowe 21. EFI purchased toy manufacturing equipment on tanuary 1, 2018 for $1,000,000 ER deprecates the equipment for accounting purposes using a straight-line bass or $92.500 per year. CCA for 2020 was $14.000 years. cumulative CCA exceeded cumulative depreciation expense by $95.000 3). On December 31, 2018, I paid $270,000 in advance for a stree-year advertising campaip with a national toy store. The advertising campaign covers the period January 1, 2019 - December 31, 2021. The tire 5270,000 was deducted as an expense for tax purposes in 2018 5 (4). Estimated losses of $80,000 on a pending Lawut and were ord for financial reporting purposes during the year ended December 31, 2020 These losses are tax deductible in the period when the related settled. Legal counsel expects the lawsuit to be settled in the summer of 2021 a 9 REQUIRED 11). Complete the schedule below to calculate deferred income tax expense for the year ended December 31, 2020. All blue cells are to be completed. Ita cell is , use rather than leaving blank. The subtotal formulas for accounting and taste date are entered for you and will be updated automatically when you enter data above the subtotal 10 11 ITEMDR/ICI Acety to date Tanto date Deductible (Taxable] Temporary Difference Deferred Tax Asset / (Liability JUNI Toy Mamutacturing equipment 95,000 30% 12 13 14 15 16 17 10 19 20 2000 Dec 31/20 25% Advertising campaign 20 22 24 26 27 Lawsuit 30% 2020 25% (2). Prepare all appropriate journal entries to record the 2020 deferred income for E. Follow the joumal entry descriptions to help with the journal entry order 23 Account Title Debt Credit 21 22 Date Dec. 31/20 Record deferred to come toves on toy caviament 35 36 Dec 11/20 Record deferred income to an Advertising campaign 30 29 40 Dec 1/20 41 Record deferred income for 60 What account and amount will appear on income statement for the yeading December 31, 2020? the the drop-down boxes to select the appropriate 5 account name, BOB Accountame what account and amount will appear on tryStatement of Financial Position at December 31, 2020? Che the drop-down boxes to select the appropriate contender the auction provided 51 Classification Account Name AG 1 4 QUESTION DATA. Elegant Flowers inc. (EFI] began operations in 2018 You seorabo, are working on the 2020 year's DEFERRED tax calculation and noted the following information 3. The tax rate for 2018 and 2019 was om Aneta rate of 25 was enacted to low on August 1, 2020 for 2020 and later. As a publically accountable enterprise. En foliowe 21. EFI purchased toy manufacturing equipment on tanuary 1, 2018 for $1,000,000 ER deprecates the equipment for accounting purposes using a straight-line bass or $92.500 per year. CCA for 2020 was $14.000 years. cumulative CCA exceeded cumulative depreciation expense by $95.000 3). On December 31, 2018, I paid $270,000 in advance for a stree-year advertising campaip with a national toy store. The advertising campaign covers the period January 1, 2019 - December 31, 2021. The tire 5270,000 was deducted as an expense for tax purposes in 2018 5 (4). Estimated losses of $80,000 on a pending Lawut and were ord for financial reporting purposes during the year ended December 31, 2020 These losses are tax deductible in the period when the related settled. Legal counsel expects the lawsuit to be settled in the summer of 2021 a 9 REQUIRED 11). Complete the schedule below to calculate deferred income tax expense for the year ended December 31, 2020. All blue cells are to be completed. Ita cell is , use rather than leaving blank. The subtotal formulas for accounting and taste date are entered for you and will be updated automatically when you enter data above the subtotal 10 11 ITEMDR/ICI Acety to date Tanto date Deductible (Taxable] Temporary Difference Deferred Tax Asset / (Liability JUNI Toy Mamutacturing equipment 95,000 30% 12 13 14 15 16 17 10 19 20 2000 Dec 31/20 25% Advertising campaign 20 22 24 26 27 Lawsuit 30% 2020 25% (2). Prepare all appropriate journal entries to record the 2020 deferred income for E. Follow the joumal entry descriptions to help with the journal entry order 23 Account Title Debt Credit 21 22 Date Dec. 31/20 Record deferred to come toves on toy caviament 35 36 Dec 11/20 Record deferred income to an Advertising campaign 30 29 40 Dec 1/20 41 Record deferred income for 60 What account and amount will appear on income statement for the yeading December 31, 2020? the the drop-down boxes to select the appropriate 5 account name, BOB Accountame what account and amount will appear on tryStatement of Financial Position at December 31, 2020? Che the drop-down boxes to select the appropriate contender the auction provided 51 Classification Account Name AG