The following information applies to Swifty Corporation, which reports under IFRS. Home 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 $1.97 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. Tax-exempt interest income of $70,000 was received in 2020. 4. 5. The tax rate is 30% for all periods. 6. Taxable income is expected in all future years. 7. Swifty Corporation had 100,000 common shares outstanding throughout 2020. Your answer is partially correct. main ital cost allowance and depreciation expense for 2019 and 2020, and the corresponding carryi 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. Depreciation Net Book Expense Value 1576000 $ 246250 S 1260800 246250 Undepreciated Capital Cost 159000 $ Capital Cost Allowance 2019 $ 2020 X 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 $ 244510 Deferred tax expense $ 33490 C O e R c ENG US 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 O for the amounts.) Date December Account Titles and Explanation 31, 2020 Current Tax Expense Income Tax Payable (To record current tax expense) December 31, 2020 Deferred Tax Expense Deferred Tax Liability Deferred Tax Asset (To record deferred tax expense) Debit 244510 33490 Credit 244510 14775 15760 Prepare the bottom portion of Swifty's 2020 income statement, beginning with the line "Income before income tax" (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg (45). Round Earning Per Share to 2 decimal places, e.g. 15.25) Swifty Corporation (Partial) Income Statement For the Year Ended December 31, 2020 Income Before Income Tax Income Tax Expense-Current Income Tax Expense-Deferred v Net Income/(Loss) Earnings Per Share Net Income/(Loss) 244510 33490 1460000 -278000 1182000 11.82 Indicate how deferred taxes should be presented on the December 31, 2020 SFP. Long-Term Liabilities Deferred Tax Liability Swifty Corporation (Partial) Statement of Financial Position December 31, 2020 Save for Later Last saved 4 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Using multiple attempts will impact your score. 5% score reduction after attempt 1 33490 Attempts: 1 of 3 used