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Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation.

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Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation. Ignore any carryforward items. Required: a. Corporate financial statement: net income of $53,000 including tax expense of $15,400, charitable contributions of $3,000, and depreciation expense of $37,600. Depreciation expense for tax purposes is $46,640. b. Corporate financial statement: net income of $140,600 including tax expense of $68,600, charitable contributions of $28,000, depreciation expense of $104,000, and nonrestaurant meals expenses of $31,400. Depreciation expense for tax purposes is $146,200. c. Corporate financial statement: net income of $227,800 including tax expense of $111,720, charitable contributions of $16,000, municipal bond interest of $19,520, nonrestaurant meals expenses of $42,200, capital gains of $6,200, and depreciation expense of $143,400. Depreciation expense for tax purposes is $132,000, and the corporation has a $7,140 charitable contribution carryforward for the current year. Complete the question by entering your answers in the tabs below. Required a Required b Required c Corporate financial statement: net income of $53,000 including tax expense of $15,400, charitable contributions of $3,000, and depreciation expense of $37,600. Depreciation expense for tax purposes is $46,640. Amount Taxable income Separately stated items Complete the question by entering your answers in the tabs below. Required a Required b Required c Corporate financial statement: net income of $140,600 including tax expense of $68,600, charitable contributions of $28,000, depreciation expense of $104,000, and nonrestaurant meals expenses of $31,400. Depreciation expense for tax purposes is $146,200. Taxable income Separately stated items Amount Complete the question by entering your answers in the tabs below. Required a Required b Required c Corporate financial statement: net income of $227,800 including tax expense of $111,720, charitable contributions of $16,000, municipal bond interest of $19,520, nonrestaurant meals expenses of $42,200, capital gains of $6,200, and depreciation expense of $143,400. Depreciation expense for tax purposes is $132,000, and the corporation has a $7,140 charitable contribution carryforward for the current year. Taxable income Separately stated items Amount Show less

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