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The following information relates to Buns and Roses Bakery for the current year ended December 31. Income before taxes $850,000 Membership fees not deductible for

The following information relates to Buns and Roses Bakery for the current year ended December 31. Income before taxes $850,000 Membership fees not deductible for tax 20,000 Depreciation expense 380,000 CCA (Tax depreciation) 470,000 Loss on disposal of equipment (see additional info below) 75,000 Tax rate 30% During the year, Buns and Roses sold one of its machines with carrying value of $85,000 for proceeds of $10,000, resulting in an accounting loss of $75,000. This loss has been included in the pre-tax income figure of $850,000 shown above. For tax purposes, the proceeds from the disposal were removed from the undepreciated capital cost (UCC) of the asset class. REQUIRED. Complete the journal entries below to record income taxes for Buns and Roses. Enter debits as positive (eg. 1000) and credits as negative (eg. -1000). Enter your final answers below. Amount Current income tax expense Deferred income tax expense Deferred income tax Balance Sheet (asset/lability) Income tax payable (receivable)

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