Kimberly Corp. is a calendar-year accrual-basis corporation that commenced operations on January 1, 2012. For items 1 through 7, determine the amount of income and deduction that should be included in taxable income for 2018. (50 points)

1. $7,000 Life insurance premiums paid by Kimberly for its executives as part of their compensation for services rendered. Kimberly is neither the direct nor the indirect beneficiary of the policy and the amount of compensation is reasonable.
2. $15,000 State income tax liability that has accrued in 2018 and was paid on April 15, 2019
3. Kimberly purchased $1,200 theater tickets for its out-of-town clients. The performances took place after Kimberly's substantial and bona fide business negotiations with its clients.
4. Kimberly had a beginning credit balance in its warranty reserve account of $120,000. During the year, Kimberly accrued estimated warranty expense of $16,000. At the end of the year, Kimberly 's warranty reserve had a $90,000 credit balance.
5. Kimberly incurred $2,000 interest expense on a loan to purchase municipal bonds.
6. Kimberly paid a penalty $200 for the underpayment of 2016 estimated taxes.
7. On December 9, 2018, Kimberly's board of directors voted to pay a $50,000 bonus to nonstockholder employees for 2018. The bonuses were paid on February 3, 2019.
8. In 2018, Kimberly received $20,000 dividend from a 35%-owned domestic corporation. The dividends were not from debt-financed portfolio stock, and the taxable income limitation did not apply.
9. At its corporate inception in 2012, Kimberly incurred and paid $60,000 in organizational costs for legal fees to draft the corporate charter.
10. Kimberly increased its allowance for uncollectible accounts by $10,000. $7,000 of uncollectible receivables was written off in 2018.

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