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Problem C: 3-65: Permtemp Corporation formed in 2008 and, for that year, reported the following book income statement and balance sheet, excluding the federal income

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Problem C: 3-65: Permtemp Corporation formed in 2008 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Sales $20,000,000 Cost of goods sold) (15,000,000) Gross profit $ 5,000,000 Dividend income 50,000 Tax-exempt interest income 15,000 Total income $ 5,065,000 Expenses: Depreciation $ 800,000

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