Prior to 2019, the accounting income and taxable income for Concord Corporation were the same On January 1, 2019, the company purchased equipment at a cost of $1,098,000 For accounting purposes, the equipment was to be depreciated over six years using the straight line method and no residual value For income tax purposes, the equipment was subject to a CCA rate of 30 (half year rule applies for 2019) Concords income before tax for accounting purposes for 2020 was $12,900,000 The company was subject to a 20 income tax rate for all applicable years and anticipated profitable years for the foreseeable future Concord follows IFRS (a1) Calculate taxable income and taxes payable for 2020 Taxable income $ Income taxes payable $ (a2) Prepare the journal entries to record 2020 income taxes (current and deferred) (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 0 for the amounts ) Account Titles and Explanation Debit Credit (To record current tax expense ) (To record deferred tax expense ) List of Accounts Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Current Tax Benefit Current Tax Benefit Discontinued Operations Current Tax Benefit Discontinued Operations Current Tax Expense Current Tax Expense Discontinued Operations Current Tax Expense Discontinued Operations Current Tax Payable Deferred Tax Asset Deferred Tax Expense Deferred Tax Expense Discontinued Operations Deferred Tax Benefit Discontinued Operations Deferred Tax Benefit Discontinued Operations Deferred Tax Benefit OCI Deferred Tax Expense Deferred Tax Expense Discontinued Operations Deferred Tax Expense OCI Deferred Tax Liability Future Tax Asset Future Tax Benefit Future Tax Expense Future Tax Liability FV NI Investments FV OCI Investments Income Tax Payable Income Tax Receivable Investment Income or Loss Land No Entry Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss OCI U TU Current Attempt in Progress Prior to 2019, the accounting income and taxable income for Concord Corporation were the same On January 1, 2019, the company purchased equipment at a cost of $1,098,000 For accounting purposes, the equipment was to be depreciated over six years using the straight line method and no residual value For income tax purposes, the equipment was subject to a CCA rate of 30 (half year rule applies for 2019) Concord's income before tax for accounting purposes for 2020 was $12,900,000 The company was subject to a 20 income tax rate for all applicable years and anticipated profitable years for the foreseeable future Concord follows IFRS (21) Your answer is incorrect Calculate taxable income and taxes payable for 2020 Taxable income 12918300 U TU (a1) Your answer is incorrect Calculate taxable income and taxes payable for 2020 Taxable income $ 12918300 Income taxes payable $ 2583660 e Textbook and Media List of Accounts Assistance Used Attempts 3 of 3 used 0 10 I (a2) Prepare the journal entries to record 2020 income taxes (current and deferred) (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 for the amounts ) Account Titles and Explanation Debit Credit (To record current tax expense ) (To record deferred tax expense )

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Prior to 2019, the accounting income and taxable income for Concord Corporation were the same. On January 1, 2019, the company purchased equipment at a

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Prior to 2019, the accounting income and taxable income for Concord Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,098,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% (half-year rule applies for 2019). Concords income before tax for accounting purposes for 2020 was $12,900,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Concord follows IFRS.

(a1)

Calculate taxable income and taxes payable for 2020.

Taxable income		$
Income taxes payable		$

(a2)

Prepare the journal entries to record 2020 income taxes (current and deferred). (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit


(To record current tax expense.)



(To record deferred tax expense.)

List of Accounts

Allowance to Reduce Deferred Tax Asset to Expected Realizable Value
Current Tax Benefit
Current Tax Benefit-Discontinued Operations
Current Tax Benefit-Discontinued Operations
Current Tax Expense
Current Tax Expense-Discontinued Operations
Current Tax Expense-Discontinued Operations
Current Tax Payable
Deferred Tax Asset
Deferred Tax Expense
Deferred Tax Expense-Discontinued Operations
Deferred Tax Benefit-Discontinued Operations
Deferred Tax Benefit-Discontinued Operations
Deferred Tax Benefit-OCI
Deferred Tax Expense
Deferred Tax Expense-Discontinued Operations
Deferred Tax Expense-OCI
Deferred Tax Liability
Future Tax Asset
Future Tax Benefit
Future Tax Expense
Future Tax Liability
FV-NI Investments
FV-OCI Investments
Income Tax Payable
Income Tax Receivable
Investment Income or Loss
Land
No Entry
Retained Earnings
Unrealized Gain or Loss
Unrealized Gain or Loss-OCI

U TU Current Attempt in Progress Prior to 2019, the accounting income and taxable income for Concord Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,098,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% (half-year rule applies for 2019). Concord's income before tax for accounting purposes for 2020 was $12,900,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Concord follows IFRS. (21) * Your answer is incorrect. Calculate taxable income and taxes payable for 2020. Taxable income 12918300 U TU (a1) * Your answer is incorrect Calculate taxable income and taxes payable for 2020. Taxable income $ 12918300 Income taxes payable $ 2583660 e Textbook and Media List of Accounts Assistance Used Attempts: 3 of 3 used 0 / 10 I!! (a2) Prepare the journal entries to record 2020 income taxes (current and deferred). (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 for the amounts.) Account Titles and Explanation Debit Credit (To record current tax expense.) (To record deferred tax expense.)