Question 7 1 pts Cays, Inc. had $98,000 in total revenue for 2020. On its financial statements for 2020, the company deducted the following expenses: salary expense of $42.000; rent expense of $12,000; utilities expense of $8,000, federal income tax of $10,000; and penalties of $2,000. What was Cay's taxable income? $36,000 $24,000 $26.000 O $28,000 None of the above