The following information is available for Victoria Inc.for calendar 2020:
1.Instalment sales recorded on the books was $ 100,000. Collections of instalment receivables was $ 50,000.Installment sales are taxed when cash is received.
2.Golf club dues were $ 3,800.
3.Machinery was acquired in January 2020 for $ 300,000. Victoria uses straight-line depreciation over a ten-year life (no residual value). For tax purposes, Victoria uses CCA at 14% for 2020 after considering the half-year rule.
4.Dividends received from a Canadian corporation were $ 4,000.
5.The estimated warranty liability related to 2020 sales was $ 19,600. Warranty repair costs paid during 2020 were $ 13,600. The remainder will be paid in 2021.
6.Pre-tax accounting income is $ 250,000. The enacted income tax rate is 25%.
I'm looking for
(a)Calculate taxable income for 2020.
(b)Calculate current income taxes payable for 2020.
(c)Calculate the balance of any deferred income taxes asset and deferred income tax liability at December 31, 2020.do for each item and identify any balances as either a deferred tax asset or a deferred tax liability.
(d)The journal entry(s) to record current income taxes for 2020 and record an entry for the deferred tax determined in part c.
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