A company has income before tax of $200,000. The company also has a temporary difference of $80,000 relating to capital cost allowance (CCA)in excess of depreciation expense recorded for the year. There are no other permanent or temporary differences. The income tax rate is 40%.
Required:
Compute the amount of taxes payable and income tax expense.

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The Answer of A company has income before tax of $200,000. The company also has a temporary difference of $80,000 relating to capital cost allowance (CCA)in excess of depreciation expense recorded for the year. There are no other permanent or temporary differences. The income tax rate is 40%.
Required:
Compute the amount of taxes payable and income tax expense.

A Company Has Income Before Tax of $200,000