The following information relates to Concord Corporation's transactions during 2020, its first year of operations. 1. Income before income tax on the income statement for 2020 was $61,000. 2. Income before income tax ( $61,000 above) is net of loss due to the writedown of land of $44,000. 3. Concord reported a tax-deductible financing charge of $5,500 on its 2020 statement of retained earnings. The charge is for interest on a financial instrument that is legally debt, but in substance is equity for financial reporting purposes. 4. The tax rate enacted for 2020 and future years is 30%. Because this was Concord Corporation's first taxation year, no instalments on account of income taxes were required or paid by Concord. 5. Differences between the 2020 GAAP amounts and their treatment for tax purposes were as follows: (a) Warranty expense accrued for financial reporting purposes amounted to $14,000. Warranty payments deducted for taxes amounted to $11,200. Warranty liabilities were classified as current on the SFP. (b) Of the loss on writedown of land of $44,000,25% will never be tax deductible. The remaining 75% will be deductible for tax purposes evenly over the years from 2021 to 2023 . The loss relates to the loss in value of company land due to contamination. (c) Gross profit on construction contracts using the percentage-of-completion method for book purposes amounted to $28,100. For tax purposes, gross profit on construction contracts amounted to $0 because the completed-contract method is used and no contracts were completed during the year. Construction costs amounted to $260,000 during the year. (d) Depreciation of property, plant, and equipment for financial reporting purposes amounted to \$55,200. CCA charged on the tax return amounted to $73,600. The related property, plant, and equipment cost $276,000 when it was acquired early in 2020. (e) A $3,600 fine paid for a violation of pollution laws was deducted in calculating accounting income. (f) Dividend revenue earned on an irvestment was tax exempt and amounted to $1,300 6. Taxable income is expected for the next few years. Calculate the taxable income for 2020 . Taxable income $ Prepare the journal entries to record income taxes for 2020 . (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.) Prepare a partial 2020 income statement, beginning with "Income before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. - 45 or parentheses e.g. (45).J Prepare a statement of retained earnings for the year ended December 31,2020, assuming no dividends were declared in the year. (List items that increase retained earnings first. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Show how the balance of all the tax asset or liability accounts will be reported on the December 31,20205FP. Calculate the effective rate of tax. Provide a reconciliation for why this differs from the statutory rate of 30%. (Round percentages to 1 decimal place, e.g. 15.7\%. Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Effective tax rate Show how the balance of all the tax asset or liability accounts will be reported on the December 31,20205FF if Concord Corporation followed A.SPE. The following information relates to Concord Corporation's transactions during 2020, its first year of operations. 1. Income before income tax on the income statement for 2020 was $61,000. 2. Income before income tax ( $61,000 above) is net of loss due to the writedown of land of $44,000. 3. Concord reported a tax-deductible financing charge of $5,500 on its 2020 statement of retained earnings. The charge is for interest on a financial instrument that is legally debt, but in substance is equity for financial reporting purposes. 4. The tax rate enacted for 2020 and future years is 30%. Because this was Concord Corporation's first taxation year, no instalments on account of income taxes were required or paid by Concord. 5. Differences between the 2020 GAAP amounts and their treatment for tax purposes were as follows: (a) Warranty expense accrued for financial reporting purposes amounted to $14,000. Warranty payments deducted for taxes amounted to $11,200. Warranty liabilities were classified as current on the SFP. (b) Of the loss on writedown of land of $44,000,25% will never be tax deductible. The remaining 75% will be deductible for tax purposes evenly over the years from 2021 to 2023 . The loss relates to the loss in value of company land due to contamination. (c) Gross profit on construction contracts using the percentage-of-completion method for book purposes amounted to $28,100. For tax purposes, gross profit on construction contracts amounted to $0 because the completed-contract method is used and no contracts were completed during the year. Construction costs amounted to $260,000 during the year. (d) Depreciation of property, plant, and equipment for financial reporting purposes amounted to \$55,200. CCA charged on the tax return amounted to $73,600. The related property, plant, and equipment cost $276,000 when it was acquired early in 2020. (e) A $3,600 fine paid for a violation of pollution laws was deducted in calculating accounting income. (f) Dividend revenue earned on an irvestment was tax exempt and amounted to $1,300 6. Taxable income is expected for the next few years. Calculate the taxable income for 2020 . Taxable income $ Prepare the journal entries to record income taxes for 2020 . (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.) Prepare a partial 2020 income statement, beginning with "Income before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. - 45 or parentheses e.g. (45).J Prepare a statement of retained earnings for the year ended December 31,2020, assuming no dividends were declared in the year. (List items that increase retained earnings first. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Show how the balance of all the tax asset or liability accounts will be reported on the December 31,20205FP. Calculate the effective rate of tax. Provide a reconciliation for why this differs from the statutory rate of 30%. (Round percentages to 1 decimal place, e.g. 15.7\%. Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Effective tax rate Show how the balance of all the tax asset or liability accounts will be reported on the December 31,20205FF if Concord Corporation followed A.SPE