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Compute Rubio taxable income

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Problem - Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable income tax rate is 30% (combined Federal, state, and global). Compute Rubio's taxable income.

Book income, including the items below $80,000

Increase in book allowance for anticipated warranty costs 5,000

Interest income from City of Westerville bonds 10,000

Bribes paid to Federal inspectors 17,000

Reference no: EM132649510

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