Prepare all journal entries that are necessary to record

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Problem

Concord Corp., a public company following IFRS, began its 2027 fiscal year with a debit balance of $12,700 in its Income Tax Receivable account. During the year, Concord made quarterly income tax instalment payments of $7,310 each. In early June, a cheque was received from the Receiver General for Canada for Concord's overpayment of 2024 taxes. The refunded amount was exactly as Concord had calculated it would be on its 2024 income tax return. On completion of the 2027 income tax return, it was determined that Concord's income tax based on 2027 income was $37,400. Get the instant assignment help. Prepare all journal entries that are necessary to record the 2027 transactions and events.

Reference no: EM133928398

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