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Required: a) Prepare journal entries to record Owen Operations Inc.'s income tax expense for 2016.


Required:


a)    Prepare journal entries to record Owen Operations Inc.'s income tax expense for 2016.

b)   Prepare the income tax expense section of the income statement for 2016, beginning with "Income before income taxes."

c)    If Owen Operations Inc. had made instalment payments of $20,000 per month throughout 2016, what amounts would appear on its December 31, 2016, statement of financial position arising from its accounting for income taxes.

d)   Provide a reconciliation of accounting income at the statutory income tax rate and the company's income tax expense for the period.

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