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A company paid $150,000 of income tax for 2013. During the year, the company recognized

$80,000 of interest revenue from municipal bonds. Income from municipal bonds are tax exempt.

The company's net deferred tax assets increased from $45,000 to $75,000. The income tax rate is 30

percent. What is the amount the company should report as its pretax accounting income for 2013?

A. $320,000

B. $480,000

C. $520,000

D. $680,000

Answer: B