Question
Mondial Corporations financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,000, operating expenses of $380,000, and $4,000 of
Mondial Corporations financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,000, operating expenses of $380,000, and $4,000 of dividends received from a 40-percent-owned owned corporation. Its operating expenses included the following: $6,000 of life insurance premiums on which it was the beneficiary $22,000 of business meal expenses $30,000 of charitable contributions Determine Mondial Corporations taxable income. Determine Mondial Corporations income tax liability for 2019. Determine Mondial Corporations income tax liability if book depreciation is $15,000 less than tax depreciation.
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