JMR Corporation has income before tax of $800,000.Included in this amount are meals and entertainment amounting to $9,000, warranty costs of $100,000 ($65,000 in warranty claims), depreciation $94,000 and dividends from a taxable Canadian Corporation of $15,000.CCA for the year amounted to $90,000 and the tax rate is 40%.Calculate income tax expense.

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The Answer of JMR Corporation has income before tax of $800,000.Included in this amount are meals and entertainment amounting to $9,000, warranty costs of $100,000 ($65,000 in warranty claims), depreciation $94,000 and dividends from a taxable Canadian Corporation of $15,000.CCA for the year amounted to $90,000 and the tax rate is 40%.Calculate income tax expense.

JMR Corporation Has Income Before Tax of $800,000