Current Attempt in Progress Crane Enterprises Ltd$.,$ a private company following ASPE earned accounting income before taxes of $\backslash$$$1,700,000$ for the year ended December $31,2023.$ During $2023,$ Crane paid $\backslash$$$200,000$ for meals and entertainment expenses. In $2020,$ Crane's tax accountant made a mistake when preparing the company's income tax return. In $2023,$ Crane paid $\backslash (\backslash$$ $16,000\backslash )$ in penalties related to this error. These penalties were not deductible for tax purposes. Crane owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of $2023,$ Crane rented the building to SPK Inc. for two years at $\backslash (\backslash$$ $251,000\backslash )$ per year. SPK paid the entire two years' rent in advance. Crane used the straight$-$line depreciation method for accounting purposes and recorded depreciation expense of $\backslash (\backslash$$ $396,000\backslash ).$ For tax purposes, Crane claimed the maximum capital cost allowance of $\backslash (\backslash$$ $621,000\backslash ).$ Crane began to sell its products with a two$-$year warranty against manufacturing defects in $2023$ to match a warranty introduced by its main competitor. In $2023,$ Crane accrued $\backslash (\backslash$$ $577,000\backslash )$ of warranty expenses: actual expenditures for $2023$ were $\backslash (\backslash$$ $276,000\backslash )$ with the remaining $\backslash$$$301,000$ anticipated in $2024.$ In $2023,$ Crane was subject to a $\backslash (35\backslash \%\backslash )$ income tax rate. During the year, the federal government announced that tax rates would be decreased to $\backslash (33\backslash \%\backslash )$ for all future years beginning January $1,2024.$

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