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ABC Ltd. had accounting income of $156,000 in 2018. Within this accounting incomefigure is the...

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Accounting

ABC Ltd. had accounting income of $156,000 in 2018. Within this accounting incomefigure is the CEOs life insurance expense of $5,000, which is not deductible for tax purposes.In addition, the undepreciated capital cost (UCC) for tax purposes is $14,000 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year.

Required: 1) Prepare ABC's journal entry to record 2018 taxes, assuming IFRS was used and a tax rate of 25%.

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