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Prepare the journal entry required to report income tax

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Reference no: EM132489569

ABC company reported and following result for its first three years of operations:

2017 income (before income taxes) $50,000

2018 loss (before income taxes) (270,000)

2019 income (before income taxes) 200,000

there were no permanent or reversible differences during these three years. Assume an income tax rate of 30% for 2017,2018,2019, and that any deferred tax assets recognized is more likely than not to be realized. ABC reports under IFRS.

  • At the end of 2018, ABC's management thought that is was probable that any loss carry forward would be realized in the near future.

Question 1: Prepare the Journal entry required to report income tax in 2018.

Reference no: EM132489569

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