Carla Vista Corp. follows IFRS and began operations in 2023 and reported accounting income of...
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Accounting
Carla Vista Corp. follows IFRS and began operations in and reported accounting income of $ for the year. Carla Vista's CCA exceeded its book depreciation by $ Carla Vista's tax rate for and
years thereafter is Assume that the $ difference is the only difference between Carla Vista's accounting income and taxable income.
Prepare the journal entries to record the current tax expense, deferred tax expense, income tax payable, and the deferred tax liability. List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
Date
Account Titles and Explanation
Debit
Credit
December
To record current tax expense
December
To record deferred tax expense
Answer & Explanation
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