The following information is available for Bridgeport Corporation for 2020.

1.CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $128,000. This difference is expected to reverse in equal amounts of $32,000 per year over the period 2021 to 2024.

2.Dividends received from taxable Canadian corporations were $18,400.

3.Rent collected in advance on January 1, 2020 totalled $72,000 for a three-year period. Of this amount, $48,000 was reported as unearned for book purposes at December 31, 2020.

4.The tax rates are 25% for 2020 and 30% for 2021 and subsequent years.

5.Income taxes payable are $160,000 for 2020.

Calculate taxable income.

Taxable income$enter Taxable income in dollars

Calculate accounting income for 2020.

Accounting income for 2020$enter the Accounting income for 2020 in dollars