Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the income tax liability, the following data were considered: Non-taxable portion of capital gains $ 30,000 CCA in excess of depreciation 60,000 Instalment tax payments made during 2023 150,000 Enacted income tax rate for 2023 30% What amount should Shierling report as its current income tax liability on its December 31, 2023 SFP?       a) $198,000       b) $75,000       c) $66,000       d) $48,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the income tax liability, the following data were considered:

Non-taxable portion of capital gains $ 30,000

CCA in excess of depreciation 60,000

Instalment tax payments made during 2023 150,000

Enacted income tax rate for 2023 30%

What amount should Shierling report as its current income tax liability on its December 31, 2023 SFP?

 

   

a) $198,000

 

   

b) $75,000

 

   

c) $66,000

 

   

d) $48,000

 

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