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Black Panther Comics Ltd, located in Wakanda had income before income tax of $7 TQDUU and taxable income of $90,090 for 2016, the company's ?rst year of operations. The income tax rate in Wakanda is 25%. The company uses ASPE.
Required:
Question 1. Make the entry to record Black Panther Comics Ltd. income taxes for 2016.
Question 2. Show what Black Panther will report on its 2016 income statement, starting with income before taxes. Also show what Black Panther will report for current and long-term liabilities on its December 31, 2016 balance sheet.
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