For the year ending December 31, 2022, Carnival Limited determined that net income, calculated in accordance...

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For the year ending December 31, 2022, Carnival Limited determined that net income, calculated in accordance with GAAP was $1,250,000. The following additional information relates to the 2022 taxation year. 1. Interest expense includes $2,500 in bond discount amortization. 2. Income tax expense of $238,000 includes $14,000 future income tax and $224,000 current income tax. 3. Warranty expense includes an accounting estimate of $15,000. During the year actual warranty claims of $9,600 were paid 4. Business meals expended were $37,000. 5. Company expenses $2,500 for the annual Christmas party which all staff members were invited to attend. 6. During the year the Company issued new common stock and incurred financing costs of $60,000. These costs have been charged to expense in the accounting records. 7. The company paid $50,000 to a Company in the United States for an advertising campaign that was directed at Nova Scotia residents. 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted for CCA. 9. During the year, the Company paid $160,000 in landscaping costs. These costs were capitalized in the accounting records and no amortization has been claimed. 0 The Company expenses included $150,000 in charitable donations to the Red Cross. attend. 6. During the year the Company issued new common stock and incurred financing costs of $60,000. These costs have been charged to expense in the accounting records. 7. The company paid $50,000 to a Company in the United States for an advertising campaign that was directed at Nova Scotia residents. 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted for CCA. 9. During the year, the Company paid $160,000 in landscaping costs. These costs were capitalized in the accounting records and no amortization has been claimed. 10. The Company expenses included $150,000 in charitable donations to the Red Cross. Required: Calculate Carnival's net income for tax purposes for 2022. Paragraph BI U + Y B For the year ending December 31, 2022, Carnival Limited determined that net income, calculated in accordance with GAAP was $1,250,000. The following additional information relates to the 2022 taxation year. 1. Interest expense includes $2,500 in bond discount amortization. 2. Income tax expense of $238,000 includes $14,000 future income tax and $224,000 current income tax. 3. Warranty expense includes an accounting estimate of $15,000. During the year actual warranty claims of $9,600 were paid 4. Business meals expended were $37,000. 5. Company expenses $2,500 for the annual Christmas party which all staff members were invited to attend. 6. During the year the Company issued new common stock and incurred financing costs of $60,000. These costs have been charged to expense in the accounting records. 7. The company paid $50,000 to a Company in the United States for an advertising campaign that was directed at Nova Scotia residents. 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted for CCA. 9. During the year, the Company paid $160,000 in landscaping costs. These costs were capitalized in the accounting records and no amortization has been claimed. 0 The Company expenses included $150,000 in charitable donations to the Red Cross. attend. 6. During the year the Company issued new common stock and incurred financing costs of $60,000. These costs have been charged to expense in the accounting records. 7. The company paid $50,000 to a Company in the United States for an advertising campaign that was directed at Nova Scotia residents. 8. Amortization expense totalled $240,000. An amount of $280,000 can be deducted for CCA. 9. During the year, the Company paid $160,000 in landscaping costs. These costs were capitalized in the accounting records and no amortization has been claimed. 10. The Company expenses included $150,000 in charitable donations to the Red Cross. Required: Calculate Carnival's net income for tax purposes for 2022. Paragraph BI U + Y B