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[answered] A private company with a large amount of long-term debt rep


A private company with a large amount of long-term debt reports under IFRS. The debt-financing indenture must provide quarterly financial statements to the lender. They pay tax at the rate of 20% on the first $200,000 of income and 40% on any income in excess of $200,000. During 2015, the company earned $500,000 and paid tax at an average rate of 32%. Similar results were expected for 2016.

the company realized the following actual results for the year ended December 31, 2016:

Quarter?????? Income (loss)

????? 1????????????????????? $100,000

????? 2????????????????????? (150,000)

????? 3 ? ? ? ? ? ? ? ? ? ? ? ?200,000

????? 4 ? ? ? ? ? ? ? ? ? ? ? ?400,000

Required:

Calculate income tax expense (recovery) for each quarter in 2016 and for the year in total under the:

a) ?discreet approach ? and?b) ?integral approach

 


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