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Question 20 of 21 View Policies Current Attempt in Progress Prior to 2019, the accounting income and taxable income for Grouper Corporation were the same.
Question 20 of 21 View Policies Current Attempt in Progress Prior to 2019, the accounting income and taxable income for Grouper Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $ 513,000. 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% (half-year rule applies for 2019, Grouper's income before tax for accounting purposes for 2020 was $ 1,873,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foreseeable future, Grouper Corporation follows IFRS Calculate taxable income and taxes payable for 2020. 1837660 $ Taxable income. 2020 $ 459415 Taxes payable, 2020 AENG 1033 AM 2021-110 5C Mostly sunny g Type here to search Account Titles and Explanation Debit Credit 459415 Current Tax Expense 459415 Income Tax Payable Income Tax Payable (To record current income taxes) Deferred Tax Asset Income Tax Payable Deferred (Record the net change from 2019 to 2020.) 5C Mostly sunny C al g e here to search
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