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Oriole Enterprises Ltd . , a private company following ASPE earned accounting income before taxes of $ 1 , 7 2 8 , 0 0
Oriole Enterprises Ltd a private company following ASPE earned accounting income before taxes of $ for the year ended
December
During Oriole paid $ for meals and entertainment expenses.
In Oriole's tax accountant made a mistake when preparing the company's income tax return. In Oriole paid $ in
penalties related to this error. These penalties were not deductible for tax purposes.
Oriole 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 Oriole rented the building to SPK Inc. for two years at $ per year. SPK paid the entire two years' rent in
advance.
Oriole used the straightline depreciation method for accounting purposes and recorded depreciation expense of $ For tax
purposes, Oriole claimed the maximum capital cost allowance of $
Oriole began to sell its products with a twoyear warranty against manufacturing defects in to match a warranty introduced by
its main competitor. In Oriole accrued $ of warranty expenses: actual expenditures for were $ with the
remaining $ anticipated in
In Oriole was subject to a income tax rate. During the year, the federal government announced that tax rates would be
decreased to for all future years beginning January
a
Your Answer
Calculate the amount of any permanent differences for
Permanent differences $
b
Your answer is incorrect.
Calculate the amount of any temporary differences for
Temporary differences
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