17.

Please show the reasoning behind the answer. Thanks.

18.

Please show the reasoning behind the answer. Thanks.

ue Corporation reported taxable income of $700,000 on its federal income tax return for the current calendar year. Selected information for the year is available from Blue's records as follows: Provision for federal income tax per books $250,000 Depreciation claimed on the tax return 80,000 Depreciation recorded in the books 130,000 Life insurance proceeds on death of corporate officer 100,000 Blue reported net income per books for the current year of: $500,000 $600.000 $800.000 $900,000