Accounting 2020 Year-end results for Corporate Income Taxpayer Company B is as follows. The Company gave the declaration on 25 April 2021 and will pay tax on 30 April 2021. Profit for 2020: 4.500.000 TRY Non-deductible expenses: 400.000 TRY Previous year losses: 100.000 TRY for 2014, 300.000 TRY for 2016 Domestic Participation Exemption: 350.000 TRY French Permanent Establishment Income: 300.000 TRY (The income is not transferred to Turkey) Russian Construction Permanent Establishment Income 450.000 TRY (The income is not transferred to Turkey) Donations to X Foundation that works for public interest: 55.000 TRY The prepaid tax: 205.000 TRY The withholding tax paid 330.000 TRY The corporate income tax rate is %22. Required:

a) Calculate corporate income tax payable for 2020. (10 points)

b) Make the journal entries on 25 and 30 April 2021. (5 points)

Answer rating: 100% (QA)

Step 1 In this problem we will calculate taxable income as per IRS rules 2020 From the net profit we ... View the full answer