For the year ended December 31, 2020, Concord Ltd reported income before income taxes of $100,000 In 2020, Concord Ltd paid $66,000 for rent of this amount, $22,000 was expensed in 2020 The remaining $44,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2021 2022 period The full $66,000 was deductible for tax purposes in 2020 The company paid $76,000 in 2020 for membership in a local golf club (which was not deductible for tax purposes) In 2020 Concord Ltd began offering a 1 year warranty on all merchandise sold Warranty expenses for 2020 were $43,000, of which $27,000 was actual repairs for 2020 and the remaining $16,000 was estimated repairs to be completed in 2021 Meal and entertainment expenses totalled $21,000 in 2020, only half of which were deductible for income tax purposes Depreciation expense for 2020 was $170,000 Capital Cost Allowance (CCA) claimed for the year was $200,000 Concord was subject to a 20 income tax rate for 2020 Concord follows IFRS At January 1, 2020, Concord Ltd had no balances in deferred tax accounts Calculate taxable income and taxes payable for 2020 Taxable income, 2020 $ Taxes payable, 2020 $ Prepare the journal entries to record 2020 income taxes (current and deferred) LIST OF ACCOUNTS Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Current Tax Benefit Current Tax Benefit Discontinued Operations Current Tax Benefit Discontinued Operations Current Tax Expense Current Tax Expense Discontinued Operations Current Tax Expense Discontinued Operations Current Tax Payable Deferred Tax Asset Deferred Tax Expense Deferred Tax Expense Discontinued Operations Deferred Tax Benefit Discontinued Operations Deferred Tax Benefit Discontinued Operations Deferred Tax Benefit OCI Deferred Tax Expense Deferred Tax Expense Discontinued Operations Deferred Tax Expense OCI Deferred Tax Liability Future Tax Asset Future Tax Benefit Future Tax Expense Future Tax Liability FV NI Investments FV OCI Investments Income Tax Payable Income Tax Receivable Investment Income or Loss Land No Entry Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss OCI Prepare the journal entries to record 2020 income taxes (current and deferred) (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 O for the amounts ) Account Titles and Explanation Debit Credit (To record current tax expense ) (To record deferred tax expense )

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For the year ended December 31, 2020, Concord Ltd. reported income before income taxes of $100,000. In 2020, Concord Ltd. paid $66,000 for rent; of

For the year ended December 31, 2020, Concord Ltd. reported income before income taxes of $100,000. In 2020, Concord Ltd. paid $66,000 for rent; of this amount, $22,000 was expensed in 2020. The remaining $44,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2021-2022 period. The full $66,000 was deductible for tax purposes in 2020. The company paid $76,000 in 2020 for membership in a local golf club (which was not deductible for tax purposes). In 2020 Concord Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2020 were $43,000, of which $27,000 was actual repairs for 2020 and the remaining $16,000 was estimated repairs to be completed in 2021. Meal and entertainment expenses totalled $21,000 in 2020, only half of which were deductible for income tax purposes. Depreciation expense for 2020 was $170,000. Capital Cost Allowance (CCA) claimed for the year was $200,000. Concord was subject to a 20% income tax rate for 2020. Concord follows IFRS. At January 1, 2020, Concord Ltd. had no balances in deferred tax accounts.

Calculate taxable income and taxes payable for 2020.

Taxable income, 2020		$
Taxes payable, 2020		$

Prepare the journal entries to record 2020 income taxes (current and deferred)

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LIST OF ACCOUNTS:

Allowance to Reduce Deferred Tax Asset to Expected Realizable Value
Current Tax Benefit
Current Tax Benefit-Discontinued Operations
Current Tax Benefit-Discontinued Operations
Current Tax Expense
Current Tax Expense-Discontinued Operations
Current Tax Expense-Discontinued Operations
Current Tax Payable
Deferred Tax Asset
Deferred Tax Expense
Deferred Tax Expense-Discontinued Operations
Deferred Tax Benefit-Discontinued Operations
Deferred Tax Benefit-Discontinued Operations
Deferred Tax Benefit-OCI
Deferred Tax Expense
Deferred Tax Expense-Discontinued Operations
Deferred Tax Expense-OCI
Deferred Tax Liability
Future Tax Asset
Future Tax Benefit
Future Tax Expense
Future Tax Liability
FV-NI Investments
FV-OCI Investments
Income Tax Payable
Income Tax Receivable
Investment Income or Loss
Land
No Entry
Retained Earnings
Unrealized Gain or Loss
Unrealized Gain or Loss-OCI

Prepare the journal entries to record 2020 income taxes (current and deferred). (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 O for the amounts.) Account Titles and Explanation Debit Credit (To record current tax expense.) (To record deferred tax expense.)