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Kentucky Fried Panda (KFP) corporation (slogan: Its finger Ling-Ling good) had the following income and expenses during the current year: Revenues $100,000 Expenses $60,000 Gains

Kentucky Fried Panda (KFP) corporation (slogan: Its finger Ling-Ling good) had the following income and expenses during the current year: Revenues $100,000 Expenses $60,000 Gains on sale of capital assets $5,000 Losses on sale of capital assets $10,000 What is Kentucky Fried Panda's taxable income?

A. $35,000 B. $37,000 C. $40,000 D. $42,000 E. $45,000

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