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. Howard Companys taxable income and other financial data for 2018 is presented below: Taxable Income $250,000 Interest Received on Municipal Bonds 40,000 Fine for
. Howard Companys taxable income and other financial data for 2018 is presented below:
Taxable Income | $250,000 |
Interest Received on Municipal Bonds | 40,000 |
Fine for Pollution from EPA | 20,000 |
Product Warranty Expense for Accounting Purposes | 50,000 |
Cash Expenditures for Product Warranty Expenses | 40,000 |
Gross Profit on Installment Sales for 2018 | 120,000 |
Gross Profit Recognized in 2018 for Tax Purposes Based on Installment Sales in 2018 | 80,000 |
REQUIRED: Calculate Howards 2018 pretax financial income.
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