Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. . sunland corporation follows ifrs. prior to 2022

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

50.1K

Verified Solution

Question

Accounting

.image

Sunland Corporation follows IFRS. Prior to 2022 , the accounting income and taxable income for Sunland were the same. On January 1 , 2022 , the company purchased equipment at a cost of $1,224,000. For accounting purposes, the equipment was to be depreciated over 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). Sunland's income before tax for accounting purposes for 2023 was $13,000,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. (a) Calculate the amount of the temporary difference for equipment and net change in deferred tax asset/liability. Net change in deferred tax asset/liability $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

3. Write a Matlab script that describes the dynamics of Pressure and Flow in the systemic...

General Management
1.2K views

This question provides you with an opportunity to analyze the advantages of an organization that offers...

Basic Math
1.2K views

The greatest problem facing the United States during the period of Manifest Destiny was whether...

Calculus
1.2K views

f be continuous and nonnegative on a b with M sup f x x a...

Algebra
1.2K views

Find a formula for the nth term in this arithmetic sequence a 8 a2 4...

Algebra
1.2K views

2 If f x x 3 and g x then which of the following does...

Accounting
1.2K views

Zeff Co. prepar la siguiente conciliacin de los ingresos de su estado financiero antes...

Accounting
1.2K views

Imagine that you are a new student at a university that requires each student to...

Accounting
1.2K views

What is your opinion of the Fair Tax as...

Accounting
1.2K views

Presented below is some of the information from the Adjusted Trial Balance for Falcon Mercantile...

Accounting
1.2K views

The following transactions for the month of March have been journalized and posted to the...

Accounting
1.2K views

Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75...