FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the income tax liability, the following data were considered:

Non-taxable portion of capital gains $ 30,000

CCA in excess of depreciation 60,000

Instalment tax payments made during 2023 150,000

Enacted income tax rate for 2023 30%

What amount should Shierling report as its current income tax liability on its December 31, 2023 SFP?

 

   

a) $198,000

 

   

b) $75,000

 

   

c) $66,000

 

   

d) $48,000

 

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