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Calculate taxable income and income tax payable

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Problem - Lantz Ltd. reported earnings before income taxes of $550,000 in 20x5. The company had expensed $26,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $10,500. Warranty expense was $41,000. Depreciation was $121,000, while CCA was $192,000. Warranty claims paid were $35,500. The tax rate for this year is 20%. Calculate taxable income and income tax payable.

Reference no: EM132921934

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