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Novak Services Ltd . follows ASPE and had earned accounting income before taxes of $ 5 0 2 , 0 0 0 for the year

Novak Services Ltd. follows ASPE and had earned accounting income before taxes of $502,000 for the year ended December 31,2023.
During 2023, Novak paid $79,000 for meals and entertainment expenses.
In 2020, Novak's tax accountant made a mistake when preparing the company's income tax return. In 2023, Novak paid $10,200 in penalties related to this error. These penalties were not deductible for tax purposes.
Novak owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2023, Novak rented the building to Trung Inc. for two years at $60,900 per year. Trung paid the entire two years' rent in advance.
Novak used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $285,700. For tax purposes, Novak claimed the maximum capital cost allowance of $440,700. This asset had been purchased at the beginning of the year for $3,087,100.
In 2023, Novak began selling its products with a two-year warranty against manufacturing defects. In 2023, Novak accrued $297,500 of warranty expenses: actual expenditures for 2023 were $88,900 with the remaining $208,600 anticipated in 2024.
In 2023, Novak was subject to a 25% income tax rate. During the year, the federal government announced that tax rates would be decreased to 23% for all future years beginning January 1,2024.
(c)
Calculate taxable income and the amount of current income taxes expense for 2023.
Taxable income
$
Income taxes payable
$
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