Hi I was studying accounting and I cannot understand the income tax expense part. Could anybody kindly explain the process? Thanks a lot:)

ACRI2 Voltaire SA's statement of financial position at December 31, 2019. is presented as follows. Acc Land Voltaire SA Statement of Financial Position December 31, 2019 40.000 Share capital-ordinary 130,000 (1 par (20.000) Retained earnings 4.400 Accounts payable 45,500 Buildings Supplies On Accounts receivable Allowance for doubtful accounts Cash as Accumulated depreciation buildings During 2020. the following transactions occurred. 50.000 147.400 25.600 223,000 (1.500) 24,600 223.000 1. On January 1, 2020, Voltaire issued 1,500 20 par, 6% preference shares for 33.000 2. On January 1, 2020, Voltaire also issued 900 1 par value ordinary shares for 6,300. 3. Voltaire performed services for 276,000 on account. 4. On April 1. 2020, Voltaire collected fees of 36,000 in advance for services to be performed from April 1, 2020, to March 31, 2021. 3. Voltaire collected 267.000 from customers on account. 6. Voltaire bought 26,100 of supplies on account. 7. Voltaire paid 32.200 Weesam accounts payable. 8. Voltaire reacquired 400 ordifiary shares on June 1, 2020, for 8 9. Paid other operating expenses of 188,200. W on December 31, 2020, Voltaire declared the annual preference share dividend and a 0.50 per share dividend on the outstanding ordinary shares, all payable on January 15, 2021. 11. An account receivable of 1,300 which originated in 2019 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that 5,900 of supplies remain unused at year-end. 2. Recorded revenue recognized from item 4 above. The allowance for doubtful accounts should have a balance of 3,500 at year-end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a resid- ual value of 10,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) per share. long-run equilibrium. Sur long-run Y after the uld happen to the sh would happen tot e output (), am ACR12 (p.12-53) (a) 1 Jan 1 Dr. Cash Cr. Share capital - preference (1.500 20) Share premium - preference 33,000 e of stabilization tral Bank A B cares only a ew each Centra 2 Jan. 30,000 3,000 1 Dr. Cash Cr. Share capital - ordinary (900 ) Share premium - ordinary 6,300 3 900 5.400 Dr. Accounts receivable Cr. Service revenue 276,000 4 276,000 Apr. 1 Dr. Cash Cr. Unearned service revenue 36,000 36,000 5 Dr. Cash Cr. Accounts receivable 267,000 267,000 6 Dr. Supplies Cr. Accounts payable 26,100 26,100 7 Dr. Accounts payable Cr. Cash 32,200 32,200 8 Jun 3,200 1 Dr. Treasury shares (400 x 8) Cr. Cash 3,200 9 188,200 Dr. Other operating expenses Cr. Cash 188,200 10 Dec. 27,050 31 Dr. Cash dividends (1,500 x 620 x 6%) + (50,000+ 900 - 400) 0.50) Cr. Dividends payable 27.050 1,300 Dec. 31 Dr. Allowance for doubtful accounts Cr. Accounts receivable 1,300 24,600 Dec. 24,600 31 Dr. Supplies expenses (4,400 + 26,100 - 5,900) Cr. Supplies 31 Dr. Unearned service revenue (36,000 > 9/12) Cr. Service revenue 27,000 A2 Dec. 27,000 3,300 A3 Dec. 31 Dr. Bad debts expense (3,500 - (1,500 - 1,300)) Cr. Allowance for doubtful accounts 3,300 4,000 A4 Dec. 31 Dr. Depreciation expense ((130,000 - 10,000)/30) Cr. Accumulated depreciation - building 4,000 24,870 AS Dec. 31 Dr. Income tax expense Cr. Income tax payable 24,870 Ou