Prior to 2019, the accounting income and taxable income for Concord Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,098,000. For accounting purposes, the equipment was to be depreciated over six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% (half-year rule applies for 2019). Concord’s income before tax for accounting purposes for 2020 was $12,900,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Concord follows IFRS.

Calculate taxable income and taxes payable for 2020.
Taxable income$
Income taxes payable$

Answer rating: 100% (QA)

Solution Depreciation as per books for 2020 1098000 6 18300... View the full answer