11/29/23, 8:27 AM
Question 7 of 100 - Quiz Two
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Indigo Fashions Corp. reported pre-tax accounting income of $296000 for calendar 2023. To calculate the income tax liability, the
following data were considered:
Life insurance proceeds received on the death of the CEO
$136000
CCA in excess of depreciation
19000
Instalment tax payments made during 2023
24200
Enacted income tax rate for 2023
30%
What amount should Indigo Fashions report as its current income tax liability on its December 31, 2023 SFP?
$42300
$27200
$18100
$51930
($296000 - $136000 - $19000) × 30% = $42300;
$42300 - $24200 =
$18100
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