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You are now ready to complete Assignment 3. Before you begin, please review the “Assignment Guidelines” to ensure that you follow the correct procedure for submitting your assignments. When you have completed the assignment, submit it to your Open Learning Faculty Member and begin the next module. Please contact your Open Learning Faculty Member if you have any questions regarding the assignment. Accounting Assignment Help

Question 

Big Ink is a chain of tattoo parlors that follows IFRS. The following data is for 2020:

Golf club dues were $30,000.

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Automated tattoo machinery was acquired on January 1, 2019, for $200,000. Straight?line depreciation is over a 10?year life with a $20,000 residual value. For taxes, the 30% rate class is used, and Big Ink applied the CRA half year rule in 2019.

On December 31, 2020, Big Ink accrued a provision for legal expense of $40,000. The estimated legal liability of $40,000 relates to four pending lawsuits. In addition to the $40,000, legal costs paid out in cash during 2020 were $60,000. These related to lawsuits started and settled during 2020. Big Ink believes that the new automated equipment will reduce the number of lawsuits.

Pretax accounting income for 2020 is $880,000. The income tax rate is 25%.

Instructions

1. Prepare a schedule (starting with pretax accounting income) to calculate taxable income. On your schedule, indicate a subtotal for accounting income after permanent differences.

2. Prepare the journal entries to record income taxes for 2020. Accounting Assignment Help

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