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Temporary difference arising during 2020 giving rise to future taxable amounts |
141600 | =413000-(54280/20%) | |
1 | |||
Taxable income | 477900 | ||
X Tax rate | 20% | ||
Income taxes payable | 95580 | ||
2 | |||
Account Titles and Explanation | Debit | Credit | |
Income tax expense | 123900 | ||
Deferred tax liability | 28320 | =141600*20% | |
Income taxes payable | 95580 | ||
3 | |||
Income statement | |||
For the year ended December 31, 2020 | |||
Income before income taxes | 619500 | ||
Income tax expense | |||
Current | 95580 | ||
Deferred | 28320 | ||
123900 | |||
Net income/(loss) | 495600 |
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