Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts: You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income?

Question

Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts:  You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income?

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The Answer of Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts:  You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income?

Ottawa Corporation Has Accounting Income for the Year Ended October