Identify whether each of the following items would cause income taxes payable to be higher or lower
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Identify whether each of the following items would cause income taxes payable to be higher or lower than income tax expense.
CCA = capital cost allowance
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b. C d. c. Item Rent revenue collected in advance that is taxable in the year received CCA* that exceeds depreciation expense for property, plant, and equipment Membership dues that are not deductible Percentage of completion income that is taxable only once the contract is complete Dividends received that are not taxable Higher Lower Neither
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