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What is the taxable income the corporation will report

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Reference no: EM133131349

Question - A corporation has book net income before federal income taxes of $630,000 for the current year. The following items are included in net income:

Life insurance premiums paid for policies on key employees (corporation is the owner and beneficiary) $10,000

Accrued warranty expense 15,000

Environmental fines 25,000

The total amount of warranty claims during the year is $8,500. What is the taxable income the corporation will report on Schedule M-1?

A. $661,500

B. $665,000

C. $671,500

D. $680,000

Reference no: EM133131349

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