Ivanhoe Inc. reports accounting income of $104,000 for 2023, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements. 1. 2. 3. 4. Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $12,500. Rent revenue reported on the tax return is $18,750 higher than rent revenue reported on the income statement. Non-deductible fines appear as an expense of $10,500 on the income statement. Ivanhoe's tax rate is 30% for all years and the company expects to report taxable income in all future years. Ivanhoe reports under IFRS.

Ivanhoe Inc. reports accounting income of $104,000 for 2023, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements. 1. 2. 3. 4. Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $12,500. Rent revenue reported on the tax return is $18,750 higher than rent revenue reported on the income statement. Non-deductible fines appear as an expense of $10,500 on the income statement. Ivanhoe's tax rate is 30% for all years and the company expects to report taxable income in all future years. Ivanhoe reports under IFRS.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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