In 2020, OHU Ltd., which follows IFRS, reported accounting income of $300,000 and the 2020 tax...

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In 2020, OHU Ltd., which follows IFRS, reported accounting income of $300,000 and the 2020 tax rate was 18%. OHU had two timing differences for tax purposes: CCA on the company's tax return was $320,000. Depreciation expense on the financial statements was $200,000. Accrued warranty expense for financial statement purposes was $80,000 (accrued expenses are not deductible for tax purposes). This is the first year OHU offers warranties. Both of these timing differences will fully reverse over the next four years, as follows: Depreciation Warranty Year Difference Expense Rate 2021 $40,000 $10,000 17% 2022 35,000 15,000 17% 2023 25,000 25,000 15% 2024 20,000 30,000 15% $120,000 $80,000 Calculate income taxes payable for 2020. $ Income taxes payable, 2020 In 2020, OHU Ltd., which follows IFRS, reported accounting income of $300,000 and the 2020 tax rate was 18%. OHU had two timing differences for tax purposes: CCA on the company's tax return was $320,000. Depreciation expense on the financial statements was $200,000. Accrued warranty expense for financial statement purposes was $80,000 (accrued expenses are not deductible for tax purposes). This is the first year OHU offers warranties. Both of these timing differences will fully reverse over the next four years, as follows: Depreciation Warranty Year Difference Expense Rate 2021 $40,000 $10,000 17% 2022 35,000 15,000 17% 2023 25,000 25,000 15% 2024 20,000 30,000 15% $120,000 $80,000 Calculate income taxes payable for 2020. $ Income taxes payable, 2020

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