JetNew Has a Tax Rate of 30

question 46

Essay

JetNew has a tax rate of 30%. The controller has just calculated JetNew's accounting income (pre-tax) to be $660,000 for 2013. Taking into account the differences in calculation, JetNew's taxable income is $530,000. Prepare the journal entry to record JetNew's taxes for 2013 under IFRS.
Outline for each account used where it would appear on JetNew's financial statements.

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Definitions:

Desired Outcome

The specific, intended result or effect of an action, intervention, or plan.

Nauseated

Feeling sick with an inclination to vomit.

Sensory Deficit

A condition resulting from impairment of one or more of the senses, leading to difficulties in receiving and interpreting sensory information.

Neurological Deficit

A decrease in the functioning of the nervous system, manifesting as loss of sensory or motor function.