Concord Corp.'s operations in 2020 had mixed results. One civision, Vincenti Group, again failed to earn income at a rate that was high enough to justify its continued operation, and management therefore decided to close the division. Vince Group earned revenue of S121,000 during 2020 and recognized total expenses of $113,500. The remaining two divisions reported revenues of $275,000 and total expenses of $215,300 in 2020. In preparing the annual income tax return, Concord Corp.'s controller took into account the following information: 1. The CCA exceeded depreciation expense by $4,100. There were no depreciable assets in the Vincent Group division. 2. Included in Vincenti's expenses is an accrued litigation loss of $6,100 that is not deduct ble for tax purposes until 2021. 3. Included in the continuing divisions' expenses are the president's golf club clues of $4,700, and included in their revenues are $1,800 of dividends from taxable Canadian corporations 4. There were no deferred tax account balances for any of the divisions on January 1, 2020. 5. The tax rate for 2020 and future years is 30's. 6. Concord Corp. reports under [FRS. Calculate the taxable income and incaric tax payable by Concord Corp. in 2020 and the Deferred Tax Asset ar Daforrad Tax Liability balances at December 31, 2020. Taxable income si Income tax payable sl Dafarrad tax SI Deferred tax sl Prepare the joumal entries to record income tax for 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 titre and enter o for the amounts.) Debit Credit Year Account Titles and Explanation 2020 1 (To record current tax expense) 2020 (To record deferred tax expense) 2020 (To record deferred tax benefit on discontinued operations) Indicate how Income taxes will be reported on the income statement for 2020 by preparing the bottom portion of the statement, beginning with "Income before income tax and discontinued operations." Assume that 10,000 common shares outstanding throughout 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round Earnings Per Share to 2 decimal places, e.g. 15.25.) Concord Corp Concord Corp.'s operations in 2020 had mixed results. One civision, Vincenti Group, again failed to earn income at a rate that was high enough to justify its continued operation, and management therefore decided to close the division. Vince Group earned revenue of S121,000 during 2020 and recognized total expenses of $113,500. The remaining two divisions reported revenues of $275,000 and total expenses of $215,300 in 2020. In preparing the annual income tax return, Concord Corp.'s controller took into account the following information: 1. The CCA exceeded depreciation expense by $4,100. There were no depreciable assets in the Vincent Group division. 2. Included in Vincenti's expenses is an accrued litigation loss of $6,100 that is not deduct ble for tax purposes until 2021. 3. Included in the continuing divisions' expenses are the president's golf club clues of $4,700, and included in their revenues are $1,800 of dividends from taxable Canadian corporations 4. There were no deferred tax account balances for any of the divisions on January 1, 2020. 5. The tax rate for 2020 and future years is 30's. 6. Concord Corp. reports under [FRS. Calculate the taxable income and incaric tax payable by Concord Corp. in 2020 and the Deferred Tax Asset ar Daforrad Tax Liability balances at December 31, 2020. Taxable income si Income tax payable sl Dafarrad tax SI Deferred tax sl Prepare the joumal entries to record income tax for 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 titre and enter o for the amounts.) Debit Credit Year Account Titles and Explanation 2020 1 (To record current tax expense) 2020 (To record deferred tax expense) 2020 (To record deferred tax benefit on discontinued operations) Indicate how Income taxes will be reported on the income statement for 2020 by preparing the bottom portion of the statement, beginning with "Income before income tax and discontinued operations." Assume that 10,000 common shares outstanding throughout 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round Earnings Per Share to 2 decimal places, e.g. 15.25.) Concord Corp