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X Ltd. uses International Accounting Standards(IFRS). The following information is available for the year 2021:- Income before tax for the year was $570,000. Equipment depreciation
X Ltd. uses International Accounting Standards(IFRS). The following information is available for the year 2021:-
- Income before tax for the year was $570,000.
- Equipment depreciation for the year was $40,000 and CCA WAS $32,000. The net book value of the equipment at year end was $250,00, while UCC was $268,000.
- Meals and entertainment expenses of $10,000 are not deductible for tax purposes.
- Deferred income tax opening balance was a debit of $3,800.
- The tax rate for the current year is 40%, in prior years the rate was 38%.
Required:-Prepare the journal entry to record income tax expense for the year.
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