Homely Corporation operates a fleet of oceangoing cargo vessels. During the year, one Homely vessel was docked

Question:

Homely Corporation operates a fleet of oceangoing cargo vessels. During the year, one Homely vessel was docked at its home port in New Orleans for 55 days, was on the high seas for 120 days, and was docked at various foreign ports of call for the remaining 190 days. Homely's net income from operation of this vessel was $620,000.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...