Calculate income tax receivable. (show working) Years ...
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Accounting
Calculate income tax receivable. (show working)
Years 20X5 20X6 20X7 20X8
Accounting income subject to tax 143,000 191,500 287,000 -409,000
Taxable Income: 158,000 206,500 307,000 (394000)
Tax Rate: 35% 37% 40% 40%
Income tax payable: 55300 76405 122800 -157600
Adjustments:
20X5 -2450
20X6 -14385
20X7 -10565
20X8 20400
The entry in 20X8 is:
Dr Income tax receivable $143,505
Dr Deferred income tax liability $20,400
Cr Income tax expense (recovery) $163,905
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