Bramble Limited had investments in securities on its statement of financial position for the first time at the end of its fiscal year ended December 31, 2020. Bramble reports under IFRS and its investments in securities are to be accounted for at fair value through net income. During 2020, realized losses and gains on the trading of shares and bonds resulted in investment income, which is fully taxable in the year. Bramble also accrued unrealized gains at December 31, 2020, which are not taxable until the investment securities are sold. The portfolio of trading securities had an original cost of $316,300 and a fair value on December 31, 2020, of $320,600. The entry recorded by Bramble on December 31, 2020 was as follows:

FV-NI Investments			4,300
	Investment Income or Loss				4,300

Following the year ended December 31, 2020, Bramble continued to actively trade its securities investments until the end of its 2021 fiscal year, when it was forced to sell several of them at a loss, because of the need for cash for operations. By December 31, 2021, the portfolio of investments contained a single investment in shares, which was purchased in November 2021. Bramble Limited had paid $47,500 for these remaining shares. At December 31, 2021, the shares market value was $45,100. Income before income tax for Bramble was $125,500 for the year ended December 31, 2021. There are no other permanent or reversing/timing differences in arriving at the taxable income for Bramble Limited for the fiscal year ended December 31, 2021. The enacted tax rate for 2021 and future years is 30%.

Prepare the necessary journal entry for Bramble Limited to accrue the unrealized loss on its securities investments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2021
	(To record fair value adjustment)

List of Accounts

Calculate the deferred tax balance at December 31, 2021.

Deferred tax Choose the answer from the menu in accordance to the question statement liabilityasset

$Enter your answer in accordance to the question statement

List of Accounts

Calculate the current tax expense for the year ended December 31, 2021.

Current tax expense

$Enter your answer in accordance to the question statement

List of Accounts

Prepare the journal entries to record income taxes for 2021. Assume that there have been no entries to the ending balances of deferred taxes reported at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Year	Account Titles and Explanation	Debit	Credit
2021
	(To record current tax expense)
2021
	(To record deferred tax benefit)

List of Accounts

Prepare the income statement for 2021, beginning with the line Income before income tax.

Bramble Limited (Partial) Income Statement For the Year Ended December 31, 2021December 31, 2021For the Month Ended December 31, 2021
Net Income / (Loss)Deferred Tax LiabilityDeferred Tax AssetIncome Before Income TaxCurrent Income Tax BenefitIncome Tax Expense - CurrentDeferred Tax Benefit				$
Deferred Tax AssetCurrent Income Tax BenefitIncome Before Income TaxDeferred Tax BenefitDeferred Tax LiabilityNet Income / (Loss)Income Tax Expense - Current		$
Income Before Income TaxDeferred Tax LiabilityIncome Tax Expense - CurrentDeferred Tax AssetDeferred Tax BenefitNet Income / (Loss)Current Income Tax Benefit
Current Income Tax BenefitDeferred Tax BenefitIncome Tax Expense - CurrentDeferred Tax LiabilityDeferred Tax AssetNet Income / (Loss)Income Before Income Tax				$

List of Accounts

Provide the presentation for the SFP for any resulting deferred tax accounts at December 31, 2021.

Bramble Limited (Partial) Balance Sheet For the Year Ended December 31, 2021December 31, 2021For the Month Ended December 31, 2021
Non-Current AssetsCurrent LiabilitiesShareholders' EquityNon-Current LiabilitiesCurrent AssetsFixed Assets
		$

List of Accounts

Prepare the journal entries to record income tax for 2021. Assume that, late in 2021, the income tax rate changed to 25% for 2022 and subsequent years. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Year	Account Titles and Explanation	Debit	Credit
2021
	(To record current tax expense)
2021
	(To record deferred tax benefit)

List of Accounts

Provide the presentation for the statement of financial position for any resulting deferred tax accounts at December 31, 2021. Assume that Bramble reports under the ASPE future/deferred income taxes method and has chosen the fair value through net income model to account for its securities investments. Assume the tax rate is 30%.

Bramble Limited (Partial) Balance Sheet December 31, 2021For the Month Ended December 31, 2021For the Year Ended December 31, 2021
Current AssetsNon-Current LiabilitiesCurrent LiabilitiesShareholders' EquityFixed AssetsNon-Current Assets
		$