$ 600,000 50,000 2)Marks (20) Income from continuing operations before income taxes Gain on discontinued...
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$ 600,000 50,000 2)Marks (20) Income from continuing operations before income taxes Gain on discontinued operations Correction of prior year's error in recording depreciation expense on equipment. The depreciation expense was understated in 2020 and the capital cost allowance was correctly calculated. An unrealized holding gain on investments accounted for at fair value through other comprehensive income (FV-OCI). Assume that this will be taxable as ordinary income when it is realized Tax rate all years 10,000 20,000 25% Instructions 1)Calculate current tax expense or benefit for Javier Inc. Also report the relevant deferred taxes. 2)Show any adjusting entry for the correction of prior year error
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