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EGR just completed its first year end. During the year, EGR recorded $12,000 in depreciation...

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Accounting

EGR just completed its first year end. During the year, EGR recorded $12,000 in depreciation ($18,500 CCA). In addition there was a deduction in the accounting records for meals and entertainment amounting to $6,000. As a result taxable income will:

Be higher than accounting income by 6,500

be lower than accounting income by 500

will be equal to accounting income

be lower than accounting income by 3,500

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