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Please show work Creighton, a calendar year corporation, reported $5,571,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporate

Please show work

Creighton, a calendar year corporation, reported $5,571,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporate records reveal the following information.

  • Creighton's depreciation expense per books was $40,980, and its MACRS depreciation deduction was $77,270.
  • Creighton capitalized $32,670 indirect expenses to manufactured inventory for book purposes and $48,020 indirect expenses to manufactured inventory under the unicap tax rules.
  • Creighton's cost of goods sold for book purposes was $1,093,800, and its cost of goods sold for tax purposes was $1,107,200.
  • Creighton purchased a competitor's business on March 1 and allocated $468,000 to the business' goodwill.

Compute Creighton's taxable income.

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