Reference no: EM132863803

Question - Janex Inc. has accounting income in the current taxation year of? $10,920. Included in this amount are the following income and expense? amounts:

Sales Revenue ?$235,500

Cost of Goods Sold ?(125,600)

Salaries and wage expense ?(75,000)

Promotion expense ?(15,200)

Depreciation expense ?(12,500)

Income tax expense ?(1,930)

Dividend income ?5,650

All expenses are considered reasonable and are related to Janex? Inc.'s business operations. The promotion expense includes charitable donations of? $5,200 and business meals and entertainment expenses of? $10,000. Depreciation expense relates to capital assets used in the? business, calculated using the? straight-line basis for accounting purposes. For tax? purposes, maximum capital cost allowance has been calculated correctly as? $8,500. The dividend income represents dividends received from taxable Canadian corporations.

Based on this? information, which items correctly lists net income for tax purposes and taxable income for Janex? Inc.?