Solution-Prepare the journal entries to record income taxes

Prepare the journal entries to record income taxes

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Reference no: EM133137076

Question - The following information relates to Teal Inc.:

	At July 1, 2019	At June 30, 2020
Temporary difference, giving rise to future taxable amounts	$92,000	$158,000
Temporary difference, giving rise to future deductible amounts	32,000	87,000

Accounting income for the year ended June 30, 2020 was $128,000. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 17% for the current and future years. Teal Inc. follows IFRS.

Calculate the amount of taxable income for 2020.

Prepare the journal entries to record income taxes for 2020.

Calculate the effective rate for 2020.

Reference no: EM133137076

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Prepare the journal entries to record income taxes

Reference no: EM133137076

Reference no: EM133137076

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