Shierling Corp. reported pre-tax accounting income of $ 750,000 for calendar 2020. To calculate the income tax liability, the following data were considered: $\begin{array}{lr}
\text { Non-taxable portion of capital gains } & \$ 30,000 \
\text { CCA in excess of depreciation } & 60,000 \
\text { Instalment tax payments made dur ing } 2020 & 150,000 \
\text { Enacted income tax rate for } 2020 & 30 \%
\end{array}$ What amount should Shierling report as its current income tax liability on its December 31, 2020 SFP?

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The Answer of Shierling Corp. reported pre-tax accounting income of $ 750,000 for calendar 2020. To calculate the income tax liability, the following data were considered: $\begin{array}{lr}
\text { Non-taxable portion of capital gains } & \$ 30,000 \
\text { CCA in excess of depreciation } & 60,000 \
\text { Instalment tax payments made dur ing } 2020 & 150,000 \
\text { Enacted income tax rate for } 2020 & 30 \%
\end{array}$ What amount should Shierling report as its current income tax liability on its December 31, 2020 SFP?

Shierling Corp What Amount Should Shierling Report as Its Current Income Tax