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Timeless Magazine Bhd. received RM15,000 of subscriptions in advance for 2013. Subscription revenue will be recognized in the financial statement equally in 2014 and 2015. However, from the perspective of tax, the whole amount of RM15,000 will be recognized immediately upon its receipt in 2013. Timeless Magazine Bhd. reported pretax accounting income of RM80,000, RM115,000, and RM105,000 for 2013, 2014, and 2015 respectively. The income tax rate is 20%.
Required:
Question a) Calculate the amount to be recognized in the Statement of Comprehensive Income for the year ended 31 December 2013, 2014, and 2015.
Question b) Calculate the amounts to be recognized in the Statement of Financial Position as at 31 December 2013, 2014, and 2015
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