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yes this is question of taxtion Question 4 (10 points) The following information concerning the financial statements of Incredible Incubators Incorporated for its fiscal year
yes this is question of taxtion
Question 4 (10 points) The following information concerning the financial statements of Incredible Incubators Incorporated for its fiscal year ended September 30, 2020 has been presented to you in order to prepare tax returns: a) Net income after tax pre financial statements b) Provision for income taxes - current - future c) Amortization expense dy Reserve for doubtfuldebts (tax) - deducted in 2019 deducted in 2020 e) Interest on income taxes paid after due date $150,000 25,000 130,000 40,000 10,000 15,000 2,500 f) Bond interest expense (including annual discount amortization of $7,500 re bonds issued this year) 39,500 6) Landscaping costs re factory premises debited to land account 12,000 Required: Compute income for tax purposes for Incredible Incubators for their fiscal year ended September 30, 2020. [ignore capital cost allowance in respect of depreciable capital property.] Step by Step Solution
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