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undefined Concord Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2020 as instalment payments on its estimated 2020
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Concord Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2020 as instalment payments on its estimated 2020 corporate tax liability. At year end, Concord's controller completed the company's 2020 tax return, which showed income tax owing of $29,300 on its 2020 income. (a) Prepare the summary entry for the quarterly tax instalments and the year-end adjusting entry to recognize the 2020 income tax. (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.) Account Titles and Explanation Debit Credit (To record income tax payments) (To accrue income tax expense) (b) Identify any year-end statement of financial position (SFP) amount that is related to income tax and indicate how it should be classified. At year end, the company would reportStep by Step Solution
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