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

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

60.1K

Verified Solution

Question

Accounting

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 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). Cranes 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. (a) Calculate the amount of the temporary difference for equipment and net change in deferred tax asset/liability. Net change in deferred tax asset/liabilit

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

Q

Which statements about the right triangle are correct Select all that apply 3 points cosB...

Geometry
Q

states econ, probability, Asset J,   AssetK,    Asset L boom.               0.29.         0.055.    0.190.       0.280 growth.             0.36.         0 055.    0.100.       0.190 Stagnant.         0.22.         0.055.    0 040.       0.050 Recession.      0.13.         0.055.    -0.080.      -0.180 A) what is...

Finance
Q

A sample of students from an introductory psychology class were polled regarding the number of hours...

Statistics
Q

Using the Clampitt et al (2000) model identify strategies for effective communication. Explain

Operations Management
Q

52 year old male admitted 2 weeks ago. complained of malaise and a cough. CT scan...

Medical Sciences
Q

Pangaea started to break apart approximately million years ago

Biology
Q

A resistance of RQ draws current from a potentiometer Potentiometer has a total resistance Roas...

Physics
Q

Vertical translation up 2 units AND vertically stretched or shrunk by the product of 2...

Basic Math
Q

Question 16 3 pts For 2019, Fox, Co had a $450,000 net operating loss and...

Accounting
Q

Dakota Company had net sales (at retail) of $147,000. At Cost At Retail Beginning inventory...

Accounting
Q

Exercise 20-10 Manufacturing: Production budget LO P1 Blue Wave Co. predicts the following unit sales...

Accounting
Q

A more detailed investigation now has provided better estimates of the data for the problem....

Accounting