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Question - Prior to 2019, the accounting income and taxable income for Headland Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $504,000. For accounting purposes, the equipment was to be depreciated over 9 years using the straight-line method. For income tax purposes, the equipment was subject to a CCA rate of 20% (half-year rule applies for 2019). Headland's income before tax for accounting purposes for 2020 was $1,970,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Headland Corporation follows IFRS.
Calculate taxable income and taxes payable for 2020.
Prepare the journal entries to record 2020 income taxes (current and deferred).
Determine how and where the current tax expense or benefit will be reported for Welyhorsky Inc. in 2021 and provide journal entry to record current income tax
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