Prepare the heimdall psychics comprehensive income

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Prepare the Heimdall Psychics comprehensive income statement for the year ended September 31, 2016. Omit earnings per share.Heimdall Psychics Income Statement year ending Sept 31st, 2016Operating RevenueNet sales18,300Income from discontinued operations31118,611Operating ExpensesTotal operating expenses16,250Operating Income18,611-16,250=2,361Income Before Income Taxes2,361Income tax expense (savings)Continuing operations$515Discontinued operations56Net Income1,790Other comprehensive incomeUnrealized gain on derivatives15Foreign-currency translation adjustment (gain)320
Question 4During 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.How much income tax did Magneto Magnets owe at the end of 2016?At the beginning of 2016, Magneto Magnets balance of Future Income Tax Liability was $40,000. How much Future Income Tax Liability did Magneto Magnets report on its balance sheet at December 31, 2016?

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