For the year ended December 31, 2023, UVW Corporation reports the following financial information:

Item	Amount ($)
Sales Revenue	500,000
Cost of Goods Sold	300,000
Operating Expenses	100,000
Interest Expense	10,000
Tax Rate	25%

Required:

• Calculate the taxable income for UVW Corporation.
• Determine the income tax expense and prepare the tax reconciliation.

These questions are designed to incorporate realistic financial data into the calculations and analysis required in Cost Accounting, providing students with practical scenarios to apply their knowledge of ledger entries, income statements, taxes, and trial balances.