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Dynamic Ltd. reported the following 20X8 statement of profit and loss: LYHANIC LIMITED Statement of Profit and Loss For the Year Ended 31 December 20X5

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Dynamic Ltd. reported the following 20X8 statement of profit and loss: LYHANIC LIMITED Statement of Profit and Loss For the Year Ended 31 December 20X5 Revenue $1,720.000 Cost of goods sold 780,000 Depreciation 196,000 General and administrative expenses 66,000 Other 36.000 1.070,000 Profit before tax $642.000 Other information a. There is a $96,000 accrued rent receivable on the statement of financial position. This amount was included in rental income (revenue) this year but will not be taxed until next year. This is the first time such an accrual has been made b. The CCA claim for 20x8 is $333,000. At the beginning of 20x8, UCC was $2,245,000, while net book value was $2,996,000. The balance in the related deferred income tax liability was $303,600 (cr) c. Revenue includes dividends received of $66,000, which are not taxable at any time. d Other expenses include nondeductible political donations of $46,000 e The statement of financial position shows an asset account called "deferred income tax asset $34.000," which is the benefit of a $85,000 loss carryforward, recorded in 20x7 Required: Prepare the journal entry or entries to record tax in 20X8. The tax rate is 40%. (If no entry is required for a transaction/event, select Saved Revenue includes dividends received of $60,000, which are not taxable at any time. Other expenses include nondeductible political donations of $46,000. - The statement of financial position shows an asset account called "deferred income tax asset $34,000," which $85,000 loss carryforward, recorded in 20x7. required: repare the journal entry or entries to record tax in 20X8. The tax rate is 40%. (If no entry is required for a trans No journal entry required" in the first account field.) View transaction list X 1 i > Record entry for current and deferred income tax expense payable. 2 Record entry for set-off of current income tax expense payable against loss carryforward. Credit

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