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Crane Corporation follows IFRS. Prior to 2022 , the accounting income and taxable income for...

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Accounting

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Crane Corporation follows IFRS. Prior to 2022 , the accounting income and taxable income for Crane were the same. On January 1 , 2022, the company purchased equipment at a cost of $1,266,000. For accounting purposes, the equipment was to be depreciated o six years using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of 30% and was eligible for the Accelerated Investment Incentive (1.5 times the CCA rate applies for 2022). Crane's income before tax for accounting purposes for 2023 was $11,700,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Calculate taxable income and taxes payable for 2023. Taxable income $ Income taxes payable

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