3400 30.00 38.00 96.00 1.7 pts Question 54 For the year ended December 31, 2020, Galaxy Corp. had net income per books of $200,000 before federal income taxes, Included in the net in were the following items Bad debt expense (represents the increase in the allowance for doubtful accounts) $70,000 . Interest expense on loan used to purchase tax-exempt bonds $1,000 Dividend income from a 75% owned domestic taxable corporation (taxable income limitation does not apply) $50,000 Assuming no bad debt was written off, what is Galaxy Corp.'s taxable income for the year ended December 31, 2020? $168,500 $346,000 $238,500 $245,000 Previous Newdabad