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Flounder Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company obtained a contract to construct a road for the municipality of Cochrane West, and it is estimated that the project will be completed over a three-year period starting in June 2020. Flounder uses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Flounder uses the completed-contract method allowed by the CRA. For the second year of operations, Flounder made progress on the construction of the road for the municipality. The account balances at December 31, 2020 and 2021, for the construction project and the accounting and tax balances of accounts related to the equipment used for construction follow: 2021 $117,000 2020 $320,000 100.000 500,000 Accounts Receivable Asset/Liability (net of billings to date of $802.000 and $400,000) Revenue from Long-Term Contracts Construction Expenses Equipment Accumulated Depreciation-Equipment Undepreciated Capital Cost 120,000 422,000 410,000 1,100,000 453,000 626.000 350.000 1.100.000 174.000 977.000 Flounder's tax rate was 25% in 2020 and 2021. The enacted tax rate for 2022 and subsequent years was reduced to 20% on September 15, 2021. Income before income tax for the year ended December 31, 2020, was $195,000 and for December 31, 2021, was $127.000. Flounder reports under IFRS. Prepare the journal entry to record the effect of the change in the enacted tax rate. (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 entero for the amounts.) Date Account Titles and Explanation Debit Credit September 15, 2021 Deferred Tax Liability 4950 Deferred Tax Benefit 4950 Calculate any deferred tax balances at December 31, 2021. Deferred tax liability V ta 36600 Calculate taxable income and income tax payable for 2021. Taxable income $ 43000 Income tax payable 10750 Prepare the journal entries to record income taxes for 2021. (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.) Account Titles and Explanation Debit Current Tax Expense Credit 10750 Income Tax Payable (To record current tax expense) 10750 Deferred Tax Expense Deferred Tax Liability (To record deferred tax expense) Prepare a comparative income statement for 2020 and 2021, beginning with the line "Income before income tax". Flounder Tar and Gravel Ltd. Comparative Income Statement (Partial) For the Year Ended December 31 2021 2020 Income Before Income Tax V $ 127000 $ 195000 Income Tax Expense - Current 10750 23750 Income Tax Expense - Deferred 25000 48750 Net Income 'Loss) $ 146250 Provide the comparative SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021. Flounder Tar and Gravel Ltd. Comparative Statement of Financial Position (Partial) December 31 2021 2020 Non-Current Liabilities Deferred Tax Liability 36600 $ 25000 Provide the comparative balance sheet presentation for any resulting deferred tax balance sheet accounts at December 31, 2020 and 2021, assuming Flounder follows ASPE Flounder Tar and Gravel Ltd. Comparative Balance Sheet (Partial) December 31 2021 Non-Current Assets 2020 Future Tax Asset S S 12500 Current Liabilities Future Tax Liability 32400 37500 Non-Current Liabilities Future Tax Liability 4200 Flounder Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company obtained a contract to construct a road for the municipality of Cochrane West, and it is estimated that the project will be completed over a three-year period starting in June 2020. Flounder uses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Flounder uses the completed-contract method allowed by the CRA. For the second year of operations, Flounder made progress on the construction of the road for the municipality. The account balances at December 31, 2020 and 2021, for the construction project and the accounting and tax balances of accounts related to the equipment used for construction follow: 2021 $117,000 2020 $320,000 100.000 500,000 Accounts Receivable Asset/Liability (net of billings to date of $802.000 and $400,000) Revenue from Long-Term Contracts Construction Expenses Equipment Accumulated Depreciation-Equipment Undepreciated Capital Cost 120,000 422,000 410,000 1,100,000 453,000 626.000 350.000 1.100.000 174.000 977.000 Flounder's tax rate was 25% in 2020 and 2021. The enacted tax rate for 2022 and subsequent years was reduced to 20% on September 15, 2021. Income before income tax for the year ended December 31, 2020, was $195,000 and for December 31, 2021, was $127.000. Flounder reports under IFRS. Prepare the journal entry to record the effect of the change in the enacted tax rate. (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 entero for the amounts.) Date Account Titles and Explanation Debit Credit September 15, 2021 Deferred Tax Liability 4950 Deferred Tax Benefit 4950 Calculate any deferred tax balances at December 31, 2021. Deferred tax liability V ta 36600 Calculate taxable income and income tax payable for 2021. Taxable income $ 43000 Income tax payable 10750 Prepare the journal entries to record income taxes for 2021. (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.) Account Titles and Explanation Debit Current Tax Expense Credit 10750 Income Tax Payable (To record current tax expense) 10750 Deferred Tax Expense Deferred Tax Liability (To record deferred tax expense) Prepare a comparative income statement for 2020 and 2021, beginning with the line "Income before income tax". Flounder Tar and Gravel Ltd. Comparative Income Statement (Partial) For the Year Ended December 31 2021 2020 Income Before Income Tax V $ 127000 $ 195000 Income Tax Expense - Current 10750 23750 Income Tax Expense - Deferred 25000 48750 Net Income 'Loss) $ 146250 Provide the comparative SFP presentation for any resulting deferred tax balance sheet accounts at December 31, 2020, and 2021. Flounder Tar and Gravel Ltd. Comparative Statement of Financial Position (Partial) December 31 2021 2020 Non-Current Liabilities Deferred Tax Liability 36600 $ 25000 Provide the comparative balance sheet presentation for any resulting deferred tax balance sheet accounts at December 31, 2020 and 2021, assuming Flounder follows ASPE Flounder Tar and Gravel Ltd. Comparative Balance Sheet (Partial) December 31 2021 Non-Current Assets 2020 Future Tax Asset S S 12500 Current Liabilities Future Tax Liability 32400 37500 Non-Current Liabilities Future Tax Liability 4200