Prepare a journal entries for this:

Additional info:

6. Capital assets were purchased on January 2, 2019 and the correct depreciation expense amounts and the book value amounts for all assets have been recorded in the financial statements: Book Value Capital Assets Cost Accumulated Carrying value at purchased Depreciation December 31, 2019 Office furniture $ 500,000 $ 25,000 303 $ 475,000 Computer equipment 350.000 35,000 315,000 Vehicles 150,000 20,000 130,000 S 1,000,000 S 80,000 S 920,000 7. In calculating income tax expense, Daniel Debit simply multiplied the 2019 tax rate (30%) by the income before tax amount on the draft income statement. Additional information obtained from Nancy to assist in calculating the tax expense amount follow The company paid a hefty fine for $5,000 in 2019 which is not deductible for tax purposes. The company paid $15,000 in 2019 for Carl Carpenter's membership at a private golf club. This amount is not deductible for tax purposes Capital Cost Allowance (CCA) for 2019 is $280,000. iii. You remind yourself that there may be other items mentioned previously that will affect the inco tax expense and income tax payable amounts. 2. The company's tax rate for 2019 is 30%. New tax laws were enacted at the end of 2019 that will result in a tax rate of 25% for 2020 and later years Also, in 2019 the average market value of the common shares was $25 per share