Find and calculate the amount of taxable income

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The following information relates to Pharoah Corp.:

                                                                                      At July 01,2019                       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.

Reference no: EM132569189

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