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The Following Summarizes Information Relating to Gonzalez Corporation's Operations for the Current

question 64

Essay

The following summarizes information relating to Gonzalez Corporation's operations for the current year.
 Sales revenue 4,600,000 Dividend revenue (not taxable) 120,000 Operating expenses other than depreciation (3,220,000) Depreciation (300,000)‾ Income before tax 1,200,000‾ Capital cost allowance claimed 600,000 Income taxpate 35%\begin{array}{ll}\text { Sales revenue } & 4,600,000 \\\\\text { Dividend revenue (not taxable) } & 120,000 \\\\\text { Operating expenses other than depreciation } & (3,220,000) \\\\\text { Depreciation } & \underline{(300,000)} \\\\\text { Income before tax } & \underline{1,200,000} \\\\\text { Capital cost allowance claimed } & 600,000 \\\\\text { Income taxpate } & 35 \%\end{array} Requirement:
Compute the amount of taxes payable and income tax expense for Gonzalez Corporation.

Definitions:

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