Question
Dove Corporation, a calendar year C corporation, had the following information for 2016: Net income per books (after-tax) $386,250 Taxable income 120,000 Federal income tax
Dove Corporation, a calendar year C corporation, had the following information for 2016:
| Net income per books (after-tax) | $386,250 |
| Taxable income | 120,000 |
| Federal income tax per books | 30,050 |
| Cash dividend distributions | 150,000 |
| Unappropriated retained earnings as of January 1, 2016 | 796,010
Based on the above, and using Schedule M2 of Form 1120, Dove's unappropriated retained earnings balance as of December 31, 2016, is |
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
4th Canadian Edition
1119709490, 9781119709497
