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I urgently need help in this. PLease look into this ASAP. The following information applies to Wildhorse Corporation, which reports under IFRS. 1. Prior to
I urgently need help in this. PLease look into this ASAP.
The following information applies to Wildhorse Corporation, which reports under IFRS. 1. Prior to 2022, taxable income and accounting income were identical. 2. Accounting income was $1.7 million in 2022 and $1.49 million in 2023. 3. On January 1,2022 , equipment costing $1.43 million was purchased. It is being depreciated on a straight-line basis over eight years for financial reporting purposes, and is a Class 820% asset for tax purposes. 4. Tax-exempt interest income of $60,000 was received in 2023 . 5. The tax rate is 30% for all periods. 6. Taxable income is expected in all future years. 7. Wildhorse had 100,000 common shares outstanding throughout 2023. Calculate the amount of capital cost allowance and depreciation expense for 2022 and 2023, and the corresponding carrying amount and undepreciated capital cost of the depreciable assets at the end of 2022 and 2023. Determine the amount of current and deferred tax expense for 2023. Current income tax expense \$ Deferred tax expense $ Prepare the journal entries to record 2023 income taxes. (List all debit entries before credit entries. 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 0 for the amounts.) Prepare the bottom portion of Wildhorse's 2023 income statement, beginning with the line "Income before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round Earning Per Share to 2 decimal places, e.g. 15.25.) Indicate how deferred taxes should be presented on the December 31, 2023 SFPStep by Step Solution
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