Pharoah Corporation applies IFRS. Information about Pharoah's income before income tax of $658,000 for its year ended December 31, 2023, includes the following: 1. 2. 3. 4. 5. 6. CCA reported on the 2023 tax return exceeded depreciation reported on the income statement by $94,000. This difference, plus the $154,000 accumulated taxable temporary difference at January 1, 2023, is expected to reverse in equal amounts over the four-year period from 2024 to 2027. Dividends received from taxable Canadian corporations were $17,000. Rent collected in advance and included in taxable income as at December 31, 2022 totalled $66,000 for a three-year period. Of this amount, $44,000 was reported as unearned for book purposes at December 31, 2023. Pharoah reports unearned revenue as a current liability if it will be recognized in income within 12 months from the balance sheet date. Pharoah paid a $2,700 erest penalty for late income tax instalments. The interest penalty is not deductible for income tax purposes at any time. Equipment was disposed of during the year for $94,000. The equipment had a cost of $104,000 and accumulated depreciation to the date of disposal of $36,000. The total proceeds on the sale of these assets reduced the CCA class; in other words, no gain or loss is reported for tax purposes. Pharoah recognized a $83,000 loss on impairment of a long-term investment whose value was considered impaired. The Income Tax Act permits the loss to be deducted only when the investment is sold and the loss is actually realized. The investment was accounted for at amortized cost. The tax rates are 30% for 2023 and 25% for 2024 and subsequent years. These rates have been enacted and known for the past two years.

Pharoah Corporation applies IFRS. Information about Pharoah's income before income tax of $658,000 for its year ended December 31,2023 , includes the following: 1. CCA reported on the 2023 tax return exceeded depreciation reported on the income statement by $94,000. This difference, plus the $154,000 accumulated taxable temporary difference at January 1,2023 , is expected to reverse in equal amounts over the four-year period from 2024 to 2027. 2. Dividends received from taxable Canadian corporations were $17,000. 3. Rent collected in advance and included in taxable income as at December 31,2022 totalled $66,000 for a three-year period. Of this amount, $44,000 was reported as unearned for book purposes at December 31, 2023. Pharoah reports unearned revenue as a current liability if it will be recognized in income within 12 months from the balance sheet date. Pharoah paid a $2,700 interest penalty for late income tax instalments. The interest penalty is not deductible for income tax purposes at any time. 4. Equipment was disposed of during the year for $94,000. The equipment had a cost of $104,000 and accumulated depreciation to the date of disposal of $36,000. The total proceeds on the sale of these assets reduced the CCA class; in other words, no gain or loss is reported for tax purposes. 5. Pharoah recognized a $83,000 toss on impairment of a long-term investment whose value was considered impaired. The Income Tax Act permits the loss to be deducted only when the investment is sold and the loss is actually realized. The investment was accounted for at amortized cost. 6. The tax rates are 30% for 2023 and 25% for 2024 and subsequent years. These rates have been enacted and known for the past two years