Question / (10 points) Question 7 (10 marks) On 1 January 2019, Night's Watch Corp. reported the following amounts on the statement of financial position: Deferred income tax asset related to warranty Amounts $16,000 Deferred income tax liability related to capital assets $120,000 On this date, the net book value of capital assets was $1,750,000 and undepreciated capital cost was $1,450,000. There was a warranty liability of $40,000. Taxable income of $500,000 (in total) in 2017 and 2018 has resulted in the payment of $195,000 of income tax In 2019, accounting income was $170,000. This included non-tax-deductible expenses of 542,000, dividend revenue (non-taxable) of $12,000, depreciation of $75,000, and a warranty expense of $39,000. Warranty claims paid were $51,000 and CCA was $99,000. The enacted tax rate was 41% in 2019. Required: + 20 + > !!!! v ol BI UA Paragraph Calculate tax payable (7 marks). 2) Determine Deferred Income Tax (hint: the table headings are completed for MacBook Pro Question / (10 points) Question 7 (10 marks) On 1 January 2019, Night's Watch Corp. reported the following amounts on the statement of financial position: Deferred income tax asset related to warranty Amounts $16,000 Deferred income tax liability related to capital assets $120,000 On this date, the net book value of capital assets was $1,750,000 and undepreciated capital cost was $1,450,000. There was a warranty liability of $40,000. Taxable income of $500,000 (in total) in 2017 and 2018 has resulted in the payment of $195,000 of income tax In 2019, accounting income was $170,000. This included non-tax-deductible expenses of 542,000, dividend revenue (non-taxable) of $12,000, depreciation of $75,000, and a warranty expense of $39,000. Warranty claims paid were $51,000 and CCA was $99,000. The enacted tax rate was 41% in 2019. Required: + 20 + > !!!! v ol BI UA Paragraph Calculate tax payable (7 marks). 2) Determine Deferred Income Tax (hint: the table headings are completed for MacBook Pro