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Lantz Ltd. reported earnings before income taxes of $710,000 in 20X5. The company had expensed $42.000 of golf club dues that were not tax
Lantz Ltd. reported earnings before income taxes of $710,000 in 20X5. The company had expensed $42.000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $18.500. Warranty expense was $57,000. Depreciation was $137,000. while CCA was $248,000. Warranty claims paid were $43,500. The tax rate for this year is 25% Required: Calculate taxable income and income tax payable. Taxable income Income tax payable
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