Question
Exercise 18-4 The following information is available for Marigold Corporation for 2020. 1. CCA that was reported on the 2020 tax return exceeded depreciation reported
Exercise 18-4
The following information is available for Marigold Corporation for 2020.
1.CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $147,200. This difference is expected to reverse in equal amounts of $36,800 per year over the period 2021 to 2024.
2.Dividends received from taxable Canadian corporations were $21,160.
3.Rent collected in advance on January 1, 2020 totalled $82,800 for a three-year period. Of this amount, $55,200 was reported as unearned for book purposes at December 31, 2020.
4.The tax rates are 25% for 2020 and 30% for 2021 and subsequent years.5.Income taxes payable are $184,000 for 2020.
1.)Calculate taxable income.
Taxable income$ -
2.)Calculate accounting income for 2020.
Accounting income for 2020$
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