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What amounts of non current future tax liability

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Reference no: EM132569725

The following information relates to Pharoah Corp.:

                                                                                       At July 01,2019                    At June 30,2020

Temporary difference, giving rise to future taxable amount                 $31,900                        $76,700

Temporary difference, giving rise to future deductible amount                 $ 19,900                     $ 51,900

Accounting income for the year ended June 30, 2020 was $73,600. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Pharoah Corp. follows ASPE. Amount of taxable income for 2020 is 73600 + 31900 - 19900 - 76700 + 51900 = $ 60,800

Question 1: Prepare journal entry to record current and future tax expense for year 2020.

Question 2: Explain what amounts of non current future tax liability and current future tax asset will be shown on the balance sheet?

Reference no: EM132569725

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