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The following information relates to Pharoah Corp.:
At July 31,2019 At june 30,2020
Temporary difference, giving rise to future taxable amount $31,900 $76,700
Temporary difference, giving rise to future deductible amount $ 19,900 $ 51,900
Accounting income for the year ended June 30, 2020 was $73,600. No permanent differences existed during the fiscal year. The company was expected to operate profitably in the future. The tax rate was 20% for the current and future years. Pharoah Corp. follows ASPE.
Question (a) Calculate the amount of taxable income for 2020.
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