IFRS 19-11

Splish Corp. has a deferred tax asset account with a balance of $118,500 at the end of 2020 due to a single cumulative temporary difference of $395,000. At the end of 2021, this same temporary difference has increased to a cumulative amount of $495,000. Taxable income for 2021 is $860,000. The tax rate is 30% for all years.

* + S Kieso, Intermediate Accounting, 17e INTERMEDIATE ACCOUNTING (AC 1218 Asslament Gradebook ORION Demloadable eTextbook iment HENRICH HY INSTHIMTOR FULL SCATION CHINTER STRAION HIRS 19 11 Selah Corp, his a deleted tex asset account with a baling of $1 18,500 at the end of 2020 due to a single complete t temporary difference of $395,000. At the end of Jord, this some temporary difference has increased to a cumulative amount of 1495,000. Taxable icome for 3021 is $140 030. The Fix rate a J0'% for ElYears Record income tax expense, deferred income thees, and income taxes payable for 2021, assuming that it is probable that the deferred tax moist wil be mined (Craft account titles are automatically inderided when the amount toentered. Do pot indent manually. If no entry at required, select "We Entry for the savant Me s and enter o for the imounts } Account liliesand I splantation Income The Parable Amusing that it by probable that $28,009 of the deferred cax asset will not be reskied, prepare the journal entry of the end of 2021 to recogning this probabilly, (Creol account titles are automatically indented when the aniount is catered. Do pot indent amually. It as adry a mywed, select "No larry"As the amount titles and enter ( for the amounts.) Credit Click if you would like to Show Work for this questions Open Show Work S