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Question - Vaughn Enterprises Ltd., a private company following ASPE earned accounting income before taxes of $1,714,000 for the year ended December 31, 2020. During 2020, Vaughn paid $223,000 for meals and entertainment expenses. In 2017, Vaughn's tax accountant made a mistake when preparing the company's income tax return. In 2020, Vaughn paid $18,000 in penalties related to this error. These penalties were not deductible for tax purposes. Vaughn owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2020, Vaughn rented the building to SPK Inc. for two years at $255,000 per year. SPK paid the entire two years' rent in advance. Vaughn used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $406,000. For tax purposes, Vaughn claimed the maximum capital cost allowance of $631,000. Vaughn began to sell its products with a two-year warranty against manufacturing defects in 2020 to match a warranty introduced by its main competitor. In 2020, Vaughn accrued $591,000 of warranty expenses: actual expenditures for 2020 were $283,000 with the remaining $308,000 anticipated in 2021. In 2020, Vaughn was subject to a 35% income tax rate. During the year, the federal government announced that tax rates would be decreased to 33% for all future years beginning January 1, 2021. Prepare the journal entries to record current and future income taxes for 2020.
On December 31, 2015, a machine with a book value of $40,000 was sold for $55,000 but the sale was not recorded until January 15, 2016 when the cash was received. In 2014, a three-year insurance premium was prepaid for $12,000, of which the entire am..
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