For the year ended December 31, 2023, Concord Ltd. reported income before income taxes of $94,000. In 2023, Concord Ltd. paid $48,000 for rent; of this amount, $16,000 was expensed in 2023. The remaining $32,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $48,000 was deductible for tax purposes in 2023. The company paid $66,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Concord Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $46,000, of which $31,000 was actual repairs for 2023 and the remaining $15,000 was estimated repairs to be completed