ed The Alberta Mining and Export Corporation (AMEC) has operations at several locations throughout the province of Alberta in Western Canada. AMEC reports under IFRS as a publicly traded company. AMEC reported the following financial results (all pre-tax amounts) for the years 20X6 through 20X9: Alberta Mining and Export Corporation: Statement of Profit and Loss (summarized) Revenues Expenses other than depreciation Depreciation expense (straight-line) Pre-tax accounting income 20X6 $118,000 (81,600) (10,400) 20X7 $132,000 20X8 20X9 (93,600) (10,400) $152,000 (96,600) (10,400) $172,000 (129,600) (10,400) $ 26,000 $ 28,000 $ 45,000 $ 32,000 20X6 20X8 Alberta Mining and Export Corporation: Statement of Financial Position (partial) 20X7 $ 41,600 $ 41,600 (10,400) (20,400) Machine (four-year life, no residual value), at cost Less: Accumulated depreciation 20X9 $ 41,600 (30,400) $ 41,600 $ 31,200 $ 21,200 $ 11,200 $ (41,600) 0 AMEC has a tax rate of 40% for each of the relevant years. AMEC claimed the following amounts as CCA on its income tax filings: •20X6: $17,600 • 20X7: $13,600 • 20X8: $6,400 • 20X9: $4,000, Note: AMEC had no deferred income tax balances at 1 January 20X6. Required: For each year, calculate the deferred income tax balance on the statement of financial position at the end of the year, and also net income. (Negative amounts and deductible amounts should be indicated by a minus sign.) 20X6 Deferred income tax balance Net income $. $ 15,600 $ (2,880) $ 20X7 (4,160) $ 16,800 $ 20X8 20X9 (2,560) $ 30,200 $ 0 24,160
ed The Alberta Mining and Export Corporation (AMEC) has operations at several locations throughout the province of Alberta in Western Canada. AMEC reports under IFRS as a publicly traded company. AMEC reported the following financial results (all pre-tax amounts) for the years 20X6 through 20X9: Alberta Mining and Export Corporation: Statement of Profit and Loss (summarized) Revenues Expenses other than depreciation Depreciation expense (straight-line) Pre-tax accounting income 20X6 $118,000 (81,600) (10,400) 20X7 $132,000 20X8 20X9 (93,600) (10,400) $152,000 (96,600) (10,400) $172,000 (129,600) (10,400) $ 26,000 $ 28,000 $ 45,000 $ 32,000 20X6 20X8 Alberta Mining and Export Corporation: Statement of Financial Position (partial) 20X7 $ 41,600 $ 41,600 (10,400) (20,400) Machine (four-year life, no residual value), at cost Less: Accumulated depreciation 20X9 $ 41,600 (30,400) $ 41,600 $ 31,200 $ 21,200 $ 11,200 $ (41,600) 0 AMEC has a tax rate of 40% for each of the relevant years. AMEC claimed the following amounts as CCA on its income tax filings: •20X6: $17,600 • 20X7: $13,600 • 20X8: $6,400 • 20X9: $4,000, Note: AMEC had no deferred income tax balances at 1 January 20X6. Required: For each year, calculate the deferred income tax balance on the statement of financial position at the end of the year, and also net income. (Negative amounts and deductible amounts should be indicated by a minus sign.) 20X6 Deferred income tax balance Net income $. $ 15,600 $ (2,880) $ 20X7 (4,160) $ 16,800 $ 20X8 20X9 (2,560) $ 30,200 $ 0 24,160
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 32P
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Transcribed Image Text:ed
The Alberta Mining and Export Corporation (AMEC) has operations at several locations throughout the province of Alberta in Western
Canada.
AMEC reports under IFRS as a publicly traded company.
AMEC reported the following financial results (all pre-tax amounts) for the years 20X6 through 20X9:
Alberta Mining and Export Corporation: Statement of Profit and Loss (summarized)
Revenues
Expenses other than depreciation
Depreciation expense (straight-line)
Pre-tax accounting income
20X6
$118,000
(81,600)
(10,400)
20X7
$132,000
20X8
20X9
(93,600)
(10,400)
$152,000
(96,600)
(10,400)
$172,000
(129,600)
(10,400)
$ 26,000
$ 28,000
$ 45,000
$ 32,000
20X6
20X8
Alberta Mining and Export Corporation: Statement of Financial Position (partial)
20X7
$ 41,600 $ 41,600
(10,400) (20,400)
Machine (four-year life, no residual value), at cost
Less: Accumulated depreciation
20X9
$ 41,600
(30,400)
$ 41,600
$ 31,200 $ 21,200 $ 11,200
$
(41,600)
0
AMEC has a tax rate of 40% for each of the relevant years.
AMEC claimed the following amounts as CCA on its income tax filings:
•20X6: $17,600
• 20X7: $13,600
•
20X8: $6,400
• 20X9: $4,000,
Note: AMEC had no deferred income tax balances at 1 January 20X6.
Required:
For each year, calculate the deferred income tax balance on the statement of financial position at the end of the year, and also net
income. (Negative amounts and deductible amounts should be indicated by a minus sign.)
20X6
Deferred income tax balance
Net income
$.
$ 15,600 $
(2,880) $
20X7
(4,160) $
16,800 $
20X8
20X9
(2,560) $
30,200 $
0
24,160
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