Cranbrook Corp., reported pre-tax accounting income of $400,000 for the calendar year 2020. To calculate the income tax liability, the following data were considered: CCA in excess of depreciation                                            $40,000 Instalment tax payments made during 2020                        $35,000 Enacted income tax rate for 2020                                        30%  What amount should Cranbrook report as its current income tax liability on its December 31, 2020 balance sheet?      Select one: a. $35,000. b. $12,000. c. $73,000. d. $51,000.

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.