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Prior to 2019, the accounting income and taxable income for Culver Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $360,000. 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). Culver's income before tax for accounting purposes for 2020 was $1,800,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Culver Corporation follows IFRS.
Question 1: Calculate taxable income and taxes payable for 2020.
Question 2: Prepare the journal entries to record current income taxes ( there should be two accounts in this entry )
Question 3: prepare the journal entry to record the net change from 2019 to 2020. ( there should be three accounts in this entry )
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