Bramble Corporation follows IFRS. Prior to 2022, the accounting income and taxable income for Bramble were...

  

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Bramble Corporation follows IFRS. Prior to 2022, the accounting income and taxable income for Bramble were the same. On January 1,2022, the company purchased equipment at a cost of $1,242,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% and was eligible for the Accelerated Investment Incentive (1.5 times the CCA rate applies for 2022). Bramble's income before tax for accounting purposes for 2023 was $12,800,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Calculate taxable income and taxes payable for 2023. Prepare the journal entries to record 2023income taxes (current and deferred). (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 O for the amounts.) Bramble Corporation follows IFRS. Prior to 2022, the accounting income and taxable income for Bramble were the same. On January 1,2022, the company purchased equipment at a cost of $1,242,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% and was eligible for the Accelerated Investment Incentive (1.5 times the CCA rate applies for 2022). Bramble's income before tax for accounting purposes for 2023 was $12,800,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Calculate taxable income and taxes payable for 2023. Prepare the journal entries to record 2023income taxes (current and deferred). (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 O for the amounts.)

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