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Mu Investments Income Type Reported Amount Correct Amount Dividends $400,000 $450,000 Rental Income $600,000 $550,000 Interest Income $200,000 $220,000 Requirement: Recalculate the taxable income and

Mu Investments

Income Type

Reported Amount

Correct Amount

Dividends

$400,000

$450,000

Rental Income

$600,000

$550,000

Interest Income

$200,000

$220,000

Requirement: Recalculate the taxable income and determine the correct tax liability at a corporate tax rate of 29%. Explain the necessary adjustments.


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