Clement Co. is a privately owned company that reports under ASPE. For the year ending December 31, 2020, the company reported accounting earnings before tax of $100,000. The following additional information is available:

Depreciation	$30,000
Meals and entertainment	$2,000
Maximum possible capital cost allowance (CCA) claim	$25,000
Warranty Expense	$10,000
Actual warranty claims paid	$5,000
Golf dues	$2,000
Applicable tax rate	20%

What is the taxable income for year ended December 31, 2020?

Question 24 options:

a)

$111,000

b)

$112,000

c)

$113,000

d)

$118,000