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Prepare the journal entries to record current tax expense

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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.

Question 1: Prepare the journal entries to record the current tax expense, deferred tax expense, income tax payable, and the deferred tax liability.

Reference no: EM132597771

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