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u uperating expenses or $160,000. The company has a 15% income tax rate. Barton has decided the company will use IFRS Instructions - Use the templates that follow the instructions, to complete the following: (a) Journalize the selected transactions for the years 2019 and 2021. Include a ONE-LINE explanation for each entry. (b) Using the figures given above, prepare a condensed income statement which reflects the actual profit earned by Barron and their actual income tax expense for 2020 **See additional information for 2010 (c) Record the adjusting journal entry to recognize any additional amount for tax payable or refundable. (d) Prepare a statement of retained earnings for 2020 (a) Journalize the selected transactions for the years 2019 & 2021. Include a one line explanation for each entry. 2019 Panagh PART B: Corporation (30 marks) On lanuary 5, 2019, arron Corporation began small scale operations, its articles of incorporation withong it to issue an und umber of common shares and 100,000, 5 cumulative and convertible preferred shares. Each preferred share was convertible into 10 common shares Below you will find selected transactions and other Financial information about Barron, for the years 2019, 2020 and 2021 in 19. the Pad the following selected transaction Issue 100,000 shares at Sin cash per share Issued 2.500 con shares to Maryam Barron in exchange for a van apprada $25,000 kurd 100 preferred shares to for $100 cash per state Mar 28 Ma 31 Dedared a dividend to shareholders of record date. March 25, 2019. The dividend will pay SOS/share to the common shareholders and will be payable ApS Paid the common share dividend. Apes In 2020, no dividends were declared. At this polat you are not required to raise any transaction for 2070 HOWEVER, you will need to peate partial statements for 2020, in parts and below in the interes 21, the company had the following lected transactions Mar. 23 Declared an annual dividend on its cumul 55 proferred states and a $0,25 common share dividend. Both dividends are payable on March 10 to shareholders of record date, March 24, 2021 int, remember that the preferred shores or cumulative and that no didends were declaredar podin Mar. 30 Mar 11 Paid the dividends own perthe dividend declaration on March Half (500) at the preferred as of laron Corporation, with an average cost of $100/sharee converted into 3.000 common shares when the ta market value of the two classes are 102 and Sia Addicionalnom Yaren profiter Tass=350.000 und me for the opening blance or end famesport 202 For the purposes of resting months ayments to the CRA, Barron estimated its table income for 2020 to be $400.000 and made $5,000 on the 15 of month agat estimated income for the 30 - At the year end 2020. Banan be the actual hures for the company Service of 550,000 and Operating Lipentes et 100.000 The company has 135 com taxt Barthasoned the company wine O u uperating expenses or $160,000. The company has a 15% income tax rate. Barton has decided the company will use IFRS Instructions - Use the templates that follow the instructions, to complete the following: (a) Journalize the selected transactions for the years 2019 and 2021. Include a ONE-LINE explanation for each entry. (b) Using the figures given above, prepare a condensed income statement which reflects the actual profit earned by Barron and their actual income tax expense for 2020 **See additional information for 2010 (c) Record the adjusting journal entry to recognize any additional amount for tax payable or refundable. (d) Prepare a statement of retained earnings for 2020 (a) Journalize the selected transactions for the years 2019 & 2021. Include a one line explanation for each entry. 2019 Panagh PART B: Corporation (30 marks) On lanuary 5, 2019, arron Corporation began small scale operations, its articles of incorporation withong it to issue an und umber of common shares and 100,000, 5 cumulative and convertible preferred shares. Each preferred share was convertible into 10 common shares Below you will find selected transactions and other Financial information about Barron, for the years 2019, 2020 and 2021 in 19. the Pad the following selected transaction Issue 100,000 shares at Sin cash per share Issued 2.500 con shares to Maryam Barron in exchange for a van apprada $25,000 kurd 100 preferred shares to for $100 cash per state Mar 28 Ma 31 Dedared a dividend to shareholders of record date. March 25, 2019. The dividend will pay SOS/share to the common shareholders and will be payable ApS Paid the common share dividend. Apes In 2020, no dividends were declared. At this polat you are not required to raise any transaction for 2070 HOWEVER, you will need to peate partial statements for 2020, in parts and below in the interes 21, the company had the following lected transactions Mar. 23 Declared an annual dividend on its cumul 55 proferred states and a $0,25 common share dividend. Both dividends are payable on March 10 to shareholders of record date, March 24, 2021 int, remember that the preferred shores or cumulative and that no didends were declaredar podin Mar. 30 Mar 11 Paid the dividends own perthe dividend declaration on March Half (500) at the preferred as of laron Corporation, with an average cost of $100/sharee converted into 3.000 common shares when the ta market value of the two classes are 102 and Sia Addicionalnom Yaren profiter Tass=350.000 und me for the opening blance or end famesport 202 For the purposes of resting months ayments to the CRA, Barron estimated its table income for 2020 to be $400.000 and made $5,000 on the 15 of month agat estimated income for the 30 - At the year end 2020. Banan be the actual hures for the company Service of 550,000 and Operating Lipentes et 100.000 The company has 135 com taxt Barthasoned the company wine O