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Question - Mercury Limited reported earnings of $120,000 in 20X9. The company has $60,000 of depreciation expense this year and claimed CCA of $101,000. The tax rate was 25%. At the end of 20X8, there was a $14,000 loss carryforward reported in a deferred tax asset account valued at $2,800, and a deferred tax liability of $37,400 caused by capital assets with a net book value of $610,000 and UCC of $395,000.
Required - What is the amount of income tax expense in 20X9?
Record the income tax entry or entries.
Record the entry income tax expense.
Record the entry loss carryforward.
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