Show Attempt History Current Attempt in Progress The following information applies to Concord Corporation, which reports under IFRS. 1. Prior to 2019, taxable income and accounting income were identical. 2. Accounting income was $1.7 million in 2019 and $1.46 million in 2020. 3. On January 1, 2019, equipment costing $1.34 million was purchased. It is being depreciated on a straight-line basis over eight years for financial reporting purposes, and is a Class 8-20% asset for tax purposes. 4. Tax-exempt interest income of $60,000 was received in 2020. 5. The tax rate is 30% for all periods. 6. Taxable income is expected in all future years. 7. Concord Corporation had 100,000 common shares outstanding throughout 2020. x Your answer is incorrect. carrier Collate the mount of monitorinnand Honorintion numance for0010-ndo and the X Your answer is incorrect. Calculate the amount of capital cost allowance and depreciation expense for 2019 and 2020, and the corresponding carrying amount and undepreciated capital cost of the depreciable assets at the end of 2019 and 2020. tal Cost Undepreciated Depreciation Net Book Nance Capital Cost Expense Value 100000 $ 900000 $ 125000 $ 25000 180000 720000 125000 -55000 * Your answer is incorrect. * Your answer is incorrect. Determine the amount of current and deferred tax expense for 2020. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Current income tax expense $ 385500 Deferred tax expense $ Your answer is partially correct. A 23C AM Your answer is partially correct. Prepare the journal entries to record 2020 income taxes. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 Current Tax Expense 385500 Income Tax Payable 385500 (To record current tax expense) December 31, 2020 Deferred Tax Expense 16500 Deferred Tax Liability 9000 Deferred Tax Asset 7500 (To record deferred tax expense) o BH search 2 TE ? 23C Question 7 of 8