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DENIUS [597]
3 years ago
6

Madison Corporation reported taxable income of $400,000 in 20X3 and accrued federal income taxes of $136,000. Included in the co

mputation of taxable income was regular depreciation of $200,000 (E&P depreciation is $60,000) and a net capital loss carryover of $20,000 from 20X2 utilized in 20X3. The corporation's current earnings and profits for 20X3 would be:
A. $424,000
B. $404,000
C. $380,000
D. $344,000
Business
1 answer:
kap26 [50]3 years ago
5 0

Answer:

A) $424,000

Explanation:

Madison Corporation's current earnings and profits for 20x3 would be:

reported taxable income - accrued federal income taxes + regular depreciation - E&P depreciation + net capital loss carryover =

$400,000 - $136,000 + $200,000 - $60,000 + $20,000 =  $424,000

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Explanation:

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If you need anymore help feel free to ask me!

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I hope my answer helps you

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