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please help Prior to 2022, the accounting income and taxable income for Bonita Corporation, which follows IFR5, were the same. On January 1 . 2022,
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Prior to 2022, the accounting income and taxable income for Bonita Corporation, which follows IFR5, were the same. On January 1 . 2022, the company purchased equipment at a cost of \$432,000. For accounting purposes, the equipment was to be depreciated over 9 years using the straight-line method. For income tax purposes, the equipment was subject to a CCA rate of 20% and was eligible equipment for the Accelerated Investment Incentive (1.5 times the CCArate applies for 2022). Banita's income before tax for accounting purposes for 2023 was $1,847,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foresceable future. (a) Calculate the amount of the temporary difference for equipment. Net change in deferred tax asset/iabily s (b) Calculate taxable income and taxes payable for 2023 Taxable income Taxes parable 5 Step by Step Solution
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