Lantz Ltd. reported earnings before income taxes of $540,000 in 20X5. The company had expensed...
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Lantz Ltd. reported earnings before income taxes of $540,000 in 20X5. The company had expensed $25,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $10,000. Warranty expense was $40.000. Depreciation was $120,000, while CCA was $190,000. Warranty claims paid were $35,000. The tax rate for this year is 25% Required: Calculate taxable income and income tax payable. Taxable income Income tax payable
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