Reference no: EM132497491
Question - The accounting records of Sarasota Inc. show the following data for 2020 (its first year of operations).
1. Life insurance expense on officers was $9,000.
2. Equipment was acquired in early January for $311,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Sarasota used a 30% rate to calculate depreciation.
3. Interest revenue on State of New York bonds totaled $4,100.
4. Product warranties were estimated to be $50,900 in 2020. Actual repair and labor costs related to the warranties in 2020 were $10,400. The remainder is estimated to be paid evenly in 2021 and 2022.
5. Gross profit on an accrual basis was $92,000. For tax purposes, $70,000 was recorded on the installment-sales method.
6. Fines incurred for pollution violations were $4,300.
7. Pretax financial income was $687,200. The tax rate is 30%.
Prepare schedule starting with pretax financial income in 2020 and ending with taxable income in 2020.
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