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The operating results for Peep Corporation, an S corporation, for last year were as follows:
Revenues
Gross sales
$2,000,000
Tax-exempt bond interest
2,000
Dividend income
8,000
Section 1231 gain (land)
10,000
Expenses
Cost of goods sold
$900,000
Salaries
600,000
Rent
200,000
Utilities
60,000
Depreciation
40,000
Charitable contribution
12,000
Section 179 expense
20,000
a. Determine the corporation's net income and its separately stated items.
b. Determine the corporation's financial accounting income if the gain on the sale of the land is only $6,000 and depreciation is $32,000 under financial accounting rules.
c. Sample filled-in forms are also in Appendix C of this text.
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