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Question - Selected information follows for Sunland Corporation for 2020:
Accounts payable $60,100
Cash 234,000
Cost of goods sold 575,000
Income tax expense 31,150
Interest expense 5,400
Retained earnings 371,500
Sales revenue 756,500
Selling expenses 60,600
Required - Calculate Sunland's net income for 2020.
Indicate the amount of the reserve that can be deducted, and the net business income, for each of the years 2020 through 2023.
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