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Prior to 2019, the accounting income and taxable income for Concord Corporation were the same. On...

Prior to 2019, the accounting income and taxable income for Concord Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $1,098,000. 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% (half-year rule applies for 2019). Concord’s income before tax for accounting purposes for 2020 was $12,900,000. The company was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Concord follows IFRS.

(a1)

Calculate taxable income and taxes payable for 2020.

Taxable income $
Income taxes payable $
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