Reference no: EM132493821
Question - The following information is available for Concord Corporation for 2020.
1. CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $131,200. This difference is expected to reverse in equal amounts of $32,800 per year over the period 2021 to 2024.
2. Dividends received from taxable Canadian corporations were $18,860.
3. Rent collected in advance on January 1, 2020 totalled $73,800 for a three-year period. Of this amount, $49,200 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 $164,000 for 2020
Required -
Calculate taxable income.
Calculate accounting income for 2020.