Reference no: EM132593047
Question - The following information relates to Honest Frank Inc. (HFI) December 31, 2019 , the first year of operations :
1. Accounting income before tax is $2,000,000.
2. Accounting depreciation in the books is $300,000 and CCA tax depreciation claimed was $420,000.
3. HFI sells state of the art Cadgets with a 2-year warranty. The estimated warranty cost is $50 per unit. During 2019, the company sold 9,000 units of the product and paid out $200,000 in warranty costs.
4. The accounting income before tax included $90,000 in entertainment expenses, of which only 50% can be deducted for income tax purposes.
Required - Reconcile accounting income before tax to taxable income for 2019?
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