Silver Ridge Manufacturing Ltd., a Canadian-controlled priva…

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Questions

Silver Ridge Mаnufаcturing Ltd., а Canadian-cоntrоlled private cоrporation, reports accounting net income before income taxes of $860,000 for the current taxation year.Accounting net income includes the following items:ItemAmountAccounting amortization expense$70,000Meals and entertainment expense$40,000Charitable donation expense$50,000Dividend income from a taxable Canadian corporation$90,000Additional tax information:Maximum CCA available and claimed: $85,000Non-capital loss carryforward available: $120,000Assume the full charitable donation is deductible under the applicable limitation.What are Silver Ridge Manufacturing Ltd.’s Net Income for Tax Purposes and Taxable Income?

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