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djverab [1.8K]
3 years ago
11

Tuna Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by

$25,000. In addition, book depreciation exceeded tax depreciation by $100,000. Finally, Tuna subtracted a dividends received deduction of $15,000 in computing its current-year taxable income. Book equivalent of taxable income is:
Business
1 answer:
STatiana [176]3 years ago
7 0

Answer:

$985,000

Explanation:

Given that,

Pretax book income = $1,000,000

Increase in net reserve for warranties = $25,000

Book depreciation = $100,000

Dividend received deduction = $15,000

Book equivalent of taxable income:

= Pretax book income - Dividend received deduction

= $1,000,000 - $15,000

= $985,000

Therefore, the Book equivalent of taxable income is $985,000.

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Creation and execution of goals by the management team, defined by available resources and existing conditions in and out of the company.
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Currently Baldwin is paying a dividend of $1.10 (per share). If this dividend stayed the same, but the stock price rose by 10% w
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