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How to determine the corporation taxable income

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Reference no: EM132771719

The Dana Flatt Corporation had sales of $2 million this past year. Its cost of goods sold was $1.2 million, and its operating expenses were $400,000. Interest expenses on outstanding debts were $100,000, and the company paid $40,000 in preferred stock dividends. The corporation received $10,000 in preferred stock dividends and interest income of $12,000. The firm sold stock that had been owned for 2 years for $40,000; the original cost of the stock was $30,000.

Problem 1: How to determine the corporation's taxable income?

Reference no: EM132771719

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