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How do i calculate the accounting income? The following information is available for Blossom Corporation for 2023. 1. CCA that was reported on the 2023
How do i calculate the accounting income?
The following information is available for Blossom Corporation for 2023. 1. CCA that was reported on the 2023 tax return exceeded depreciation reported on the income statement by $118,400. This difference is expected to reverse in equal amounts of $29,600 per year over the period 2024 to 2027. 2. Dividends received from taxable Canadian corporations were $17,020. 3. Rent collected in advance on January 1,2023 , totalled $66,600 for a three-year period. Of this amount, $44,400 was reported as unearned for book purposes at December 31, 2023. 4. The tax rates are 25% for 2023 and 30% for 2024 and subsequent years. 5. Income taxes payable are $148,000 for 2023 . (a) Your answer is correct. Calculate taxable income for 2023. Calculate accounting income for 2023. Accounting income for 2023Step by Step Solution
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