Total operating expenses 16250 continuing operations

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Total operating expenses$16,250Continuing operations$515Discontinued operations$56Dividends declared and paid$860Net Income$955 Unrealized gain on derivatives$15Foreign-currency translation adjustment (gain)$320Comprehensive income$1,290Q.4)During 2016, Magneto Magnets Inc. income statement reported income of $300,000 before tax. The company’s income tax return filed with the Canada Revenue Agency showed taxable income of $250,000. During 2016 Magneto Magnets was subject to an income tax rate of 25%. The company uses ASPE.Journalize Magneto Magnets income taxes for 2016.3
Introduction to Financial Accounting: Exercise 8AccountDebitCreditIncome Tax Expense (300,000 * 25%)$75,000Income tax payable (250,000 * 25%)$62,500Deferred Income tax payable$12,500Recorded income tax for the year 75,000How much income tax did Magneto Magnets owe at the end of 2016?
its balance sheet at December 31, 2016?
Delicious Deserts Inc.Statement of Changes in Shareholders’ EquityFor the Year Ended June 30, 2016(in millions)Common SharesRetained EarningsTotalBalance, June 30, 2015, 455 shares outstanding$2,275$1,702$3,977Net income540540Cash dividends(117)(117)Issuance of shares (5 shares)5050Stock dividend (36 shares)186(186)-Issuance of shares (2 shares)2020Balance, June 30, 2016$2,531$1,939$4,470Q.5)

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