write my assignment 5828

“On 1 January 20X6, Wilton Incorporated commenced business operations. At 31 December 20X8, the following information relates to Wilton:20X6 20X7 20X8Income (loss) before tax $502,200 ($754,000) $1,200,000Tax rate (enacted in each year) 36% 38% 40%Depreciation expense (asset cost was $1,000,000) 50,000 50,000 50,000Capital cost allowance 300,000 0 125,000Dividends received (non-taxable) 10,000 75,000 10,000Golf club dues 19,000 20,000 20,000Required:Prepare journal entries to record tax for 20X6, 20X7, and 20X8. Your entries should be in good form, and all calculations should be shown. Assume that the loss carryforward in 20X7 is considered probable for recognition.How would your answer differ if the taxes payable method were used in accounting standards for private enterprises? Describe, do not calculate.”