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please find and use the headings given in journal question Mercury Limited reported earnings of $155,000 in 20X9. The company has $67,000 of depreciation expense
please find and use the headings given in journal question
Mercury Limited reported earnings of $155,000 in 20X9. The company has $67,000 of depreciation expense this year, and claimed CCA of $108,000. The tax rate was 30%. At the end of 20x8, there was a $14,000 loss carryforward reported in a deferred tax asset account valued at $3,500, and a deferred tax liability of $38,800 caused by capital assets with a net book value of $680,000 and UCC of $430,000. Required: What is the amount of income tax expense in 20X9? Tax expense Prepare the income tax entry or entries. View transaction list Journal entry worksheet 1 2 Record the entry income tax expense. Prepare the income tax entry or entries. View transaction list Journal entry worksheet 1 2. > Record the entry income tax expense. Note: Enter debits before credits. Date General Journal Debit Credit 20X9 Record entry Clear entry View general journal Prepare the income tax entry or entries. View transaction list Journal entry worksheetStep by Step Solution
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