Future Income Tax Expense in the amount of $5,300 was deducted to arrive at Net Loss...

  

Transcribed Image Text:

Future Income Tax Expense in the amount of $5,300 was deducted to arrive at Net Loss for Accounting Purposes. QUESTION 10 The Company has a separate Class 1 balance of $1,479,000 at the end of 2020. This balance relates to a single office building that was purchased in a prior year for $3,289,000. During the year, the company renovated the building at a cost of $133,000. This building is eligible for the enhanced Class 1 rate of 6%. QUESTION 11 The Company expensed $182,600 in Depreciation and Amortization during the year. the company 2021 year ended taxation year ending december 31,2021. using ASPE the accountant has determined that the company has experienced a loss of $120,00 before income taxes. for each question provide the effect on the reconciliation of Net Loss for accounting purposes to minimum net business income/loss for tax purposes. Future Income Tax Expense in the amount of $5,300 was deducted to arrive at Net Loss for Accounting Purposes. QUESTION 10 The Company has a separate Class 1 balance of $1,479,000 at the end of 2020. This balance relates to a single office building that was purchased in a prior year for $3,289,000. During the year, the company renovated the building at a cost of $133,000. This building is eligible for the enhanced Class 1 rate of 6%. QUESTION 11 The Company expensed $182,600 in Depreciation and Amortization during the year. the company 2021 year ended taxation year ending december 31,2021. using ASPE the accountant has determined that the company has experienced a loss of $120,00 before income taxes. for each question provide the effect on the reconciliation of Net Loss for accounting purposes to minimum net business income/loss for tax purposes.

Answer rating: 100% (QA)

9 The future Income tax expense should have not be ded... View the full answer