Journal entry: (1 mark) Land's End Limited (LEL), a widely held manufacturing company, reported pre-tax net income from continuing operations of $2,750,000 and pre- tax Other Comprehensive Income of $240,000 for the year ended December 31,2022 . Included in operating income were the following selected items: 1. Dividends received from taxable Canadian corporations: $165,000 2. Business meals : $126,000 3. Interest and penalties of $17,000 from an ongoing 2008 tax reassessment dispute with Revenue Canada 4. Warranty expense: $185,000 5. Rent expense: 80,000 6. Depreciation: $1,750,000 At the beginning of 2022, LEL reported, among other deferred tax balances, an amount of $206,640 arising from capital assets which had accounting and tax balances, at that date, of $10,750,000 and $10,176,000 respectively. Other selected account balances at the beginning of the year included: a) Estimated warranty liability: $2,650,000 b) Prepaid rent: $240,000 (three years remaining of prepaid rent paid for additional manufacturing space in 2021) c) Deferred Tax Asset of $1,152,000 arising from full recognition of previous years' loss carry-forward. d) Warranties paid: $225,000 There were no significant capital asset additions or disposals in 2022 and capital cost allowance claimed for 2022 was $2,000,000. The enacted tax rate for 2022 is 32%. 1. Prepare, with all supporting calculations, the required CURRENT tax entry(s) for the year ended December 31, 2022. (11 marks) Current tax reconciliation: (10 marks) Journal entry: (2 marks) 1. Required 2- Prepare, with all supporting calculations, the required DEFERRED tax entry(s) for the year ended December 31, 2022 . (13 marks) Deferred tax analysis: (12 marks) Required 3- What is the effective tax rate % on operating income in this question? ( 2 marks) Required 4: Prepare, in good form, the extract of the Statement of Comprehensive Income for the year ended December 31, 2022 beginning with net income from operations before taxes. (6 marks) Journal entry: (1 mark) Land's End Limited (LEL), a widely held manufacturing company, reported pre-tax net income from continuing operations of $2,750,000 and pre- tax Other Comprehensive Income of $240,000 for the year ended December 31,2022 . Included in operating income were the following selected items: 1. Dividends received from taxable Canadian corporations: $165,000 2. Business meals : $126,000 3. Interest and penalties of $17,000 from an ongoing 2008 tax reassessment dispute with Revenue Canada 4. Warranty expense: $185,000 5. Rent expense: 80,000 6. Depreciation: $1,750,000 At the beginning of 2022, LEL reported, among other deferred tax balances, an amount of $206,640 arising from capital assets which had accounting and tax balances, at that date, of $10,750,000 and $10,176,000 respectively. Other selected account balances at the beginning of the year included: a) Estimated warranty liability: $2,650,000 b) Prepaid rent: $240,000 (three years remaining of prepaid rent paid for additional manufacturing space in 2021) c) Deferred Tax Asset of $1,152,000 arising from full recognition of previous years' loss carry-forward. d) Warranties paid: $225,000 There were no significant capital asset additions or disposals in 2022 and capital cost allowance claimed for 2022 was $2,000,000. The enacted tax rate for 2022 is 32%. 1. Prepare, with all supporting calculations, the required CURRENT tax entry(s) for the year ended December 31, 2022. (11 marks) Current tax reconciliation: (10 marks) Journal entry: (2 marks) 1. Required 2- Prepare, with all supporting calculations, the required DEFERRED tax entry(s) for the year ended December 31, 2022 . (13 marks) Deferred tax analysis: (12 marks) Required 3- What is the effective tax rate % on operating income in this question? ( 2 marks) Required 4: Prepare, in good form, the extract of the Statement of Comprehensive Income for the year ended December 31, 2022 beginning with net income from operations before taxes. (6 marks)