Reference no: EM132806720
Question - Seung Hyun Kim Limited, follows IFRS, is in the process of preparing its financial statements for its second year of operations ending December 31, 2020. Pertinent information follows:
Accounting income before tax is $9,000,000.
Depreciation on property, plant and equipment is $ 900,000 and CCA claimed is $1,500,000.
The company sells a product with a 2-year warranty. The estimated warranty cost on an Accrual basis is $3,000,000 and spent $1,200,000 on a Cash Basis.
The accounting income before tax included $ 300,000 fine.
The enacted income tax rate is 40.0%.
On December 31, 2020, the company received three years advance rent income (for 2021 through 2023) of $ 540,000, which was recorded as unearned revenue for book purposes, but which must be reported as 2020 revenue for income tax purposes.
Required -
1. Prepare the compound journal entry to record the Income Tax for 2020.
2. Prepare the 2020 income statement, beginning with income before income taxes.
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