The December 31, 2023, statement of financial position of Blossom Corporation includes the following: 9% bonds payable due December 31, 2029 $890320 The bonds have a face value of $868000, and were issued on December 31, 2022, at 103, with interest payable on July 1 and December 31 of each year. Blossom uses straight-line amortization to amortize bond premium or discount. On March 1, 2024, Blossom retired $347200 of these bonds at 98 plus accrued interest. Ignoring income taxes, what should Blossom record as a gain on retirement of these bonds? $15624$17360$9350$15872 Blossom Corp. purchased a machine on January 1,2020, for $901200. The machine is being depreciated on a straight-line basis, using an estimated useful life of 6 years and no residual value. On January 1,2023, Blossom determined, because of additional information, that the machine had an estimated useful life of 8 years from the date of acquisition with no residual value. An accounting change was made in 2023 to reflect this additional information. What is the amount of depreciation expense on this machine that should be reported in Blossom's income statement for calendar 2023 ? $112650$225300$180240$90120 Pharoah Corp. manufactures equipment for sale or lease. On December 31, 2023, Pharoah leased equipment to Grant Sales Inc. for five years, with ownership of the equipment being transferred to Grant at the end of the lease. Annual lease payments are $249000 (including $15500 executory and are due on December 31 of each year. The first payment was made on December 31, 2023. Collectibility of the remaining lease payments is reasonably assured, and there are no additional costs (other than executory costs) to be incurred by Pharoah. The normal sales price of the equipm (fair value) is $936000, and Pharoah's cost is $729000. The present value of the lease payments is equal to the fair value of the equipment. For the year ended December 31, 2023, what amount of income should Pharoah report from this lease? $264500$387000$280000$207000 At the end of 2023 , Ivanhoe Inc. has determined the following information related to its defined benefit pension plan The corporation uses IFRS. Assume the net defined benefit liability/asset account at January 1, 2023 was nil. If the contribution to plan assets in 2023 is $415000, the defined benefit expense for 2023 is $309500.$520500.$415000.$105500. For calendar 2023, Blue Corp. reported depreciation expense of $796000 on its income statement, but on its 2023 income tax return, Blue claimed CCA of $1209000. The 2023 income statement also included $147000 in accrued warranty expense that will be deducted for tax purposes when paid. Blue's income tax rates are 30% for 2023 and 2024, and 24% for 2025 and 2026. The depreciation difference and warranty expense will reverse over the next three years as follows: These were Blue's only reversible differences. At December 31, 2023, Blue's deferred tax liability should be $141183.$71988.$76392.$73500. Alabama Corp.'s taxable income differed from its accounting income for 2023. An item that would create a permanent difference in accounting and taxable incomes for the corporation would be making instalment sales during the year. a payment of the golf club dues for the president's membership. a balance in the Unearned Rent account at year end. using CCA for tax purposes and straight-line depreciation for book purposes. On December 31, 2023, Pharoah Ltd. had outstanding 3700 no par value, $6, cumulative preferred shares and 31700 no par value common shares. At this time, dividends in arrears on the preferred shares were $11100. Cash dividends declared in 2024 totalled $47000. The amounts paid to each class of shares were