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For the year ended December 3 1 , 2 0 2 3 , Concord Ltd . reported income before income taxes of $ 1 8

For the year ended December 31,2023, Concord Ltd. reported income before income taxes of $188,500. Prior to 2023 taxable income and accounting income was the same each year.
In 2023, Concord Ltd. paid $113,700 for advertising; of this amount, $37,900 was expensed in 2023. The remaining $75,800 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $113,700 was deductible for tax purposes in 2023.
The company paid $32,100 in 2023 for membership in a local golf club (which was not deductible for tax purposes).
In 2023 Concord Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $25,900, of which $20,800 was actual repairs for 2023 and the remaining $5,100 was estimated repairs to be completed in 2024.
Meal and entertainment expenses totalled $43,200 in 2023, only half of which were deductible for income tax purposes.
Depreciation expense for 2023 was $100,600. Capital Cost Allowance (CCA) claimed for the year was $131,100. Depreciation and CCA relate to an asset that was purchased on January 1,2023 for $503,000.
Concord was subject to a 25% income tax rate for 2023. Concord follows IFRS.
(a)
Y Your answer is correct.
Calculate the amount of any permanent differences for 2023.
Permanent differences $
eTextbook and Media
List of Accounts
Attempts: 1 of 2 used
(b)
(c)
Calculate taxable income and the amount of current income taxes expense for 2023.
Taxable income $
Income taxes payable
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