In $2023,$ Wildhorse Ltd$.$ paid $$69,000$ for rent; of this amount, $$23,000$ was expensed in $2023.$ The remaining $$46,000$ was treated as a

prepaid expense for accounting purposes and would be expensed equally over the $2024-2025$ period. The full $$69,000$ was deductible

for tax purposes in $2023.$

The company paid $$76,000$ in $2023$ for membership in a local golf club $($which was not deductible for tax purposes$).$

In $2023$ Wildhorse Ltd$.$ began offering a $1-$year warranty on all merchandise sold. Warranty expenses for $2023$ were $$32,000,$ of

which $$26,000$ was actual repairs for $2023$ and the remaining $$6,000$ was estimated repairs to be completed in $2024.$

Meal and entertainment expenses totalled $$20,000$ in $2023,$ only half of which were deductible for income tax purposes.

Depreciation expense for $2023$ was $$230,000.$ Capital Cost Allowance $($CCA$)$ claimed for the year was $$254,000.$

Record current income taxes for $2023.($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. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Calculate the amount of any deferred tax asset and$/$or liability for $2023.$

Deferred tax liability

$

Deferred tax asset

Net deferred tax liability

eTextbook and Media

List of Accounts

Record deferred income taxes for $2023.($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. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit