Sheridan Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company won a contract to build a road for the municipality of Cochrane West. It is estimated that the project will be completed over a three-year period starting in June 2023. Sheridan uses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Sheridan uses the completed-contract method allowed by the CRA. By its first fiscal year end, the accounts related to the contract had the following balances:
								Accounts Receivable					$338,000
								Contract Asset/Liability (net of billings to date of $420,000)					$92,000
								Revenue from Long-Term Contracts					$512,000
								Construction Expenses					$350,000
								The accounts related to the equipment that Sheridan purchased to construct the road had the following balances at the end of the first fiscal year ended December 31, 2023, for accounting and tax purposes:
Equipment				$1,180,000
Accumulated depreciation-Equipment				$182,000
Undepreciated Capital Cost				$1,055,000
Tax rate	25%		Income before income tax 2023		$188,000
IFRS Constrained

	SFP Account Dec. 31, 2023				Deductible (Taxable) temporary Difference	Tax Rate	Deferred Tax Asset (liability)
			Tax Base	Carrying amount
2023	PPE		$1,055,000	$998,000	$57,000	25%	$14,250
2024	Contruction		$350,000	$512,000	($162,000)	25%	($40,500)
	Deferred tax liability 2023						($26,250)

Calculate taxable income and income tax payable for 2023?