1. Calculate adjusted income taxes payable on December 31, 2021, for SINGH (Show the whole calculation). An excerpt of certain SINGH Inc.’s accounts as of / for the year ended December 31, 2021 is presented below.

2. Amount
   Accumulated other comprehensive LOSS, Jan 1, 2021	$ 400
   Accrued liabilities	820
   Cost of goods sold	10,000
   Common shares (10,000 shares outstanding throughout the year)	1,200
   Dividends declared – preferred shares	150
   Dividends declared – common shares	450
   Gain on sale of equipment	82
   General & admin expenses	1,520
   Expense error from 2020 (depreciation expense was understated in 2020 by this amount)	620
   Loss on write-down of assets of discontinued operation	800
   Income tax payable	0
   Interest expense	105
   Interest revenue	80
   Income from the operations of discontinued operations	200
   Sales and marketing expenses	800
   Preferred shares (400 preferred shares outstanding throughout the year)	640
   Retained earnings, Jan 1, 2021	1,400
   Sales revenue	17,500
   Unrealized gain on investments – OCI (other comprehensive. Income)	152

   
   NOTE: All adjusting entries have been prepared EXCEPT for the 2021 income tax entries.

   (i.e.. All numbers above are before tax.) SINGH is subject to a 25% income tax rate.

   SINGH follows IFRS.