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asap!!! Mercury Limited reported earnings of $70,000 in 20X9. The company has $50,000 of depreciation expense this year, and claimed CCA of $91,000. The tax
asap!!!
Mercury Limited reported earnings of $70,000 in 20X9. The company has $50,000 of depreciation expense this year, and claimed CCA of $91,000. The tax rate was 20%. At the end of 20x8, there was a $10,500 loss carryforward reported in a deferred tax asset account valued at $1,800, and a deferred tax liability of $35,400 caused by capital assets with a netbook value of $510,000 and UCC of $345,000 Required: What is the amount of income tax expense in 20x9? Tax expense Prepare the income tax entry or entries. View transaction list Journal entry worksheet 2 Record the entry Income tax expense. Note: Enter debits before credits Date General Journal Debit Credit 20X9 Step by Step Solution
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