Polis Corp.s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment.

PolisCorp. Trial Balance December 31, 2020
		Dr.		Cr.
Cash		$ 337,500
Accounts receivable (net)		1,447,500
Inventory		1,192,500
Property, plant, and equipment (net)		4,183,000
Accounts payable and accrued liabilities				$ 990,500
Income taxes payable				342,000
Future income tax liability				37,500
Common shares				1,675,000
Contributed surplus				1,340,000
Retained earnings, Jan 1, 2020				2,325,000
Net sales and other revenues				6,180,000
Costs and expenses		5,040,000
Income tax expenses		689,500
		$12,890,000		$12,890,000

Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability. During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent. In Polis December 31, 2020 statement of financial position, the current assets total is

$2,797,500.

$1,530,000.

$2,247,500.

$2,977,500.