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Compute income for tax purposes for Punta Azul Ltd

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Reference no: EM133095049

Question - Consider the following information in respect to the financial statements for year ending September 30, 2018 of Punta Azul Ltd:

Net Income After Tax per financial statements $150,000

Provision for income tax - current 25,000

- Future 130,000

Amortization expense 40,000

Reserve for doubtful accounts - deducted in 2017 10,000

- deducted in 2018 15,000

Interest on income taxes paid after the due date 2,500

Bond interest expense (including annual discount amortization of $7,500 re bonds issued last year) 39,500

Landscaping costs re factory premises - debited to land account 12,000

Required -

Part 1 - Compute income for tax purposes for Punta Azul Ltd. For their fiscal year ending September 30, 2019.

Part 2 - Outline the proper GST/HST treatment by the corporation for the items presented.

Reference no: EM133095049

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