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Jupiter Ltd. reported the following: 20X7 (first year of operations) Earnings (loss) $95,000 20X8 $(355,000) Depreciation (assets have a cost of $1,200,000) $48,000 $
Jupiter Ltd. reported the following: 20X7 (first year of operations) Earnings (loss) $95,000 20X8 $(355,000) Depreciation (assets have a cost of $1,200,000) $48,000 $ 48,000 CCA Non-deductible expenses $60,000 $33,000 $ 108,000 $ 33,000 Tax rate 30% 30% 1-a. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Taxable income Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference: Taxable income 20X7 20X8
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