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Question - Ayayai Inc. had accounting income of $150,000 in 2020. Included in the calculation of that amount is the CEO's life insurance expense of $4,000, which is not deductible for tax purposes. In addition, the undepreciated capital cost (UCC) for tax purposes is $12,000 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year.
Required - Prepare Ayayai's journal entry to record 2020 income tax. Assume a tax rate of 25% and that Ayayai uses the taxes payable method of accounting for income taxes under ASPE.
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