39 Required information At the beginning of 2021, a company purchased new equipment costing $60,000. Additional information: .The equipment has a useful life of 3 years and a residual value of $0. The company uses straight-line depreciation for financial reporting purposes and accelerated depreciation for tax purposes. Depreciation on the tax return was $30,000, $18,000, and $12,000 in years 2021, 2022, and 2023, respectively. During 2021, the company received municipal bond interest revenue of $13,000. Pretax accounting income for 2021 was $118,000. The tax rate applicable to all years is 25%. Use the information above to answer the questions below. What was taxable income in 2021? (Click to select $108,000 $115,000 $121,000 $102,500 $95,000