The following information is available for Bramble Corporation for 2020. CCA that was reported on the...
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The following information is available for Bramble Corporation for 2020. CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $192,000. This difference is expected to reverse in equal amounts of $48,000 per year over the period 2021 to 2024. 1. 2. Dividends received from taxable Canadian corporations were $27,600. 3. Rent collected in advance on January 1, 2020 totalled $108,000 for a three-year period. Of this amount, $72,000 was reported as unearned for book purposes at December 31, 2020. 4. The tax rates are 25% for 2020 and 30% for 2021 and subsequent years. 5. Income taxes payable are $240,000 for 2020. Calculate taxable income. Taxable income $ Calculate accounting income for 2020. Accounting income for 2020 The following information is available for Bramble Corporation for 2020. CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $192,000. This difference is expected to reverse in equal amounts of $48,000 per year over the period 2021 to 2024. 1. 2. Dividends received from taxable Canadian corporations were $27,600. 3. Rent collected in advance on January 1, 2020 totalled $108,000 for a three-year period. Of this amount, $72,000 was reported as unearned for book purposes at December 31, 2020. 4. The tax rates are 25% for 2020 and 30% for 2021 and subsequent years. 5. Income taxes payable are $240,000 for 2020. Calculate taxable income. Taxable income $ Calculate accounting income for 2020. Accounting income for 2020
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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