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Question - 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
Installment tax payments made during 2020 25,000
Enacted income tax rate for 2020 30%
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.
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