I need help finding taxable income for the year 2018. This is a C corporation.

Wildcat Corporation* Income Statement for Year Ending December 31 . 2018 Sales revenues* $ 7, 244, 988) Less : Sales allowances & returns* ( 139.358) Net revenues* $ 7, 105, 630 Less : Cost of goods sold 13. 860. 892 ) Gross margin $3, 244, 738 Less: Operating expenses Advertising $ 133.942 Bad debts* 16, 692 Charitable contributions* 6 , 241 Depreciation " 135, 603 Insurance* 54. 622 Interest 50.539 Miscellaneous 41.655 Rent 555, 030 Repairs & maintenance 50. 677 Salaries & wages*} 1. 389, 060 Taxes" 156. 776 Utilities* 129. 115 12. 720.012 ) Net operating income* $ 524, 726 Dividend' & interest income 3. 9:08 Income tax payments*\\ 170.010.0 ) Net income* 458. 634 Wildcat Corporation* Balance Sheet for December 31 , 2018 Cash 245, 352 Accounts receivable ( net of $7. 995 allowance for doubtful accounts ) 228, 829 Inventory* 1 , 012, 470 Investments* 168 , 754 Depreciable property ( net of $ 135, 603 accumulated depreciation ) 1 . 316,987 Other assets 8.697 Total assets $ 2.981. 0189 Accounts payable 461 , 190 Other current liabilities* 2, 361 Note payable m 1 . 0141 , 3:04 Total liabilities $ 1 , 504, 855 Common stock $ 1 . 0130, 000 Retained earnings*" $46, 234 Total equities $ 1 , 476, 234 Total liabilities & equities $ 2.981 .0189 See the notes for the income statement and balance sheet on the next page*Notes for income statement and balance sheet ." * Wildcat computes bad debt expense as a percentage of its sales , which is not the proper treatment for federal Income tax purposes . Hint : See p. 34 of Chapter 1 . 3. ` The contributions were all in cash . " Book depreciation is determined using the straight - line method , a zero estimated residual value , and a full* year of depreciation for the year of acquisition . Wildcat purchases and places into service the assets on* January 1 , 2018 : Estimated MACRS Original cast useful life* recovery period Class life* $ 350. 627 8 years 7 years 12 years $ 1 , 102. 023 12 years 5 years 9 years Wildcat does not use Sec . 179 or bonus depreciation . See Chapter 1: 10 For details regarding MACRS depreciation . See the current EXP exercise we did in class for an example of EXP depreciation .* " This is comprised of $6. 048 for life insurance on Wildcat's president ( with Wildcat as the beneficiary ) and $48. 574 for casualty and liability insurance . The life insurance does not have a cash surrender value . " The interest expense is on a loan whose proceeds Wildcat used to purchase depreciable assets . This is comprised of $9. 952 of meals expenses , $ 21, 381 of organizational expenditures , and $10. 322 of fully - deductible other expenses . Wildcat wants to deduct for 2018 the maximum amount allowed for these expenses . $ $ 278, 656 of this is compensation of Wildcat's officers . ` This is comprised of payroll and property taxes . " Wildcat received $1 , 146 of dividends from domestic corporations in which it owns less than 1%/ of the stock . Wildcat owned the stack for more than 45 days before the stack became ex- dividend with respect to the dividends . * Wildcat received $ 2. 325 of interest on investments in corporate bonds and $537 of interest on investments* in municipal bonds .* * This is comprised of four quarterly estimated tax payments of $17. 500 each . Wildcat debited its Current* Federal Income Tax Expense account and credited its Cash account when it made the payments . Assume* Wildcat is not subject to any state , local , or foreign income taxes . This is comprised of $78 , 126 of corporate bonds , $ 23, 762 of municipal bonds , and $56. 860 of stocks . " $92, 916 of the note payable is a current liability , and $948. 38.8 is a long-term liability . * The retained earnings are unappropriated . Wildcat paid $ 12, 400 of cash dividends to its shareholders during* the year . Hint for items a , d, and {: See the highlights of the material for Tuesday , January 29