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What amount bare fashion report as current income tax

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Reference no: EM132973195

Bare Fashions Corp. reported pre-tax accounting income of $ 300,000 for calendar 2020. To calculate the income tax liability, the following data were considered:

CCA in excess of depreciation $20,000

Instalment tax payments made during 2020 25,000

Enacted income tax rate for 2020 30%

Problem 1: What amount should Bare Fashion report as its current income tax (liability income tax payable) on its December 31, 2020 Statement of Financial Position?

a. $84,000.

b. $6,000.

c. $51,000.

d. $59,000.

e. $65,000

Reference no: EM132973195

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