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How to prepare the journal entries to record income taxes

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Reference no: EM132569721

The following information relates to Grouper Inc.:

Temporary difference, giving rise to future taxable amounts:

At July 1, 2019 $90,000

At June 30, 2020 $165,000

Temporary difference, giving rise to future deductible amounts:

At July 1, 2019 25,000

At June 30, 2020 90,000

Accounting income for the year ended June 30, 2020 was $136,000. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 18% for the current and future years. Grouper Inc. follows IFRS.

Question 1: Calculate the amount of taxable income for 2020.

Question 2: Prepare the journal entries to record income taxes for 2020. (To record current tax expense.), (To record deferred tax expense.)

Question 3: Calculate the effective rate for 2020.

Reference no: EM132569721

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