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Among the items reported on Cord, Inc's income statement for the year ended December 31, year 1 , were the following: Payment of penalty $5,000

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Among the items reported on Cord, Inc's income statement for the year ended December 31, year 1 , were the following: Payment of penalty $5,000 Insurance premium on life of an officer with Cord as owner and beneficiary 10,000 Temporary differences amount to $10,000$5,000$0$15,000

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