Question
C:3-67 Permtemp Corporation (EIN: XX-1234567) formed in 2018 and, for that year, reported the following book income statement and balance sheet, excluding the federal
C:3-67 Permtemp Corporation (EIN: XX-1234567) formed in 2018 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Sales Cost of goods sold Gross profit Dividend income Tax-exempt interest income Total income Expenses: Depreciation Bad debts $20,000,000 (15,000,000) $ 5,000,000 50,000 15,000 $ 5,065,000 $ 800,000 400,000 Charitable contributions 100,000 Interest 475,000 Meals and entertainment 45,000 Other 3,855,000 Total expenses (5,675,000) Net loss before federal income taxes $ (610,000)
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