Hello do you know how to do Cooperate income taxes?

• Before tax income from continuing operations: $525,000. Other Comprehensive Income, not tax affected, arising from portfolio revaluations: $50,000

• Annual life insurance premium paid on its top management team: $11,000.Insurance premiums of this is non-deductible for tax purposes. Book value and UCC of capital assets at December 31, 2015 was $1,081,000 and $806,000 respectively and resulted in a deferred tax balance of $82,500.

• an accrual for restructuring charges to reorganize the company's operations, in 2015, which is tax deductible when paid, of $150,000. The balance in the estimated restructuring liability at the end of 2015 was $100,000 and $75,000 was paid in 2016.

• Depreciation and CCA of $180,000 and $163,500 were recorded respectively in 2016. There were no additions or disposals.

• A normal non-capital recorded sale/receivable for accounting purposes but with special terms of trade was made in 2015 with a profit of $52,000. The sale was made on delayed payment terms resulting in being taxed upon cash receipt with 10% down payment received in 2015 and $15,600 received in 2016.

• Interest and penalties levied by CRA in an ongoing tax dispute amounted to $2,000.Dividends received from taxable Canadian corporations amounted to $5,500.

• In 2015, PGL suffered a tax loss resulting in a Deferred Tax balance of $135,000 in full recognition of the loss being reported at December 31, 2015. The statutory tax rate for 2016 is 32%. On February 18, 2017, before the 2016 financial statements were approved for release, the statutory rate was reduced to 28% for 2017 and the foreseeable number of years.

Required #1:

A. Prepare, with supporting calculations, the tax provision (entries) for the year ended December 31, 2016.

B.

Tax Reconciliation:

Deferred Tax Analysis: (Show supporting calculations of any derived account balances)

Item Tax Acctg Difference Ending DTA/DTL Beginning DTA/DTL Adjust

Tax entries:

Required #2:

Prepare, in good form, the Statement of Comprehensive income beginning with "income from continuing operations before tax...".

Statement of Comprehensive Income (partial)

For the year ended December 31, 2016

Required #3:

What is the effective tax rate on normal income?