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Determine Dove unappropriated retained earnings balance

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Reference no: EM132660996

Problem - Dove Corporation, a calendar year C corporation, had the following information for 2019:

Net income per books (after-tax) $386,250

Taxable income 120,000

Federal income tax per books 25,200

Cash dividend distributions 150,000

Unappropriated retained earnings, as of January 1, 2019 796,010

Based on the above information, use Schedule M-2 of Form 1120 (see Example 34 in the text) to determine Dove's unappropriated retained earnings balance as of December 31, 2019.

Reference no: EM132660996

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