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Gray Corporation has the following activity for year ending December 31, 2021: Sales $500,000 Operating Expenses (200,000) Interest Income $25,000 Interest Expense (150,000) Depreciation (35,000)

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Gray Corporation has the following activity for year ending December 31, 2021: Sales $500,000 Operating Expenses (200,000) Interest Income $25,000 Interest Expense (150,000) Depreciation (35,000) Gray's avergae annual receipts is $27 Million What is Gray's taxable income? $192,500$175,000$115,000$140,000

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