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Prepare journal entries to record the current tax expense

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Question - Pronghorn Corp. follows IFRS and began operations in 2020 and reported accounting income of $280,000 for the year. Pronghorn's CCA exceeded its book depreciation by $36,800. Pronghorn's tax rate for 2020 and years thereafter is 30%. Assume that the $36,800 difference is the only difference between Pronghorn's accounting income and taxable income.

Prepare the journal entries to record the current tax expense, deferred tax expense, income tax payable, and the deferred tax liability.

Reference no: EM132597440

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