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Reliable Corporation had sales of $40,953,313, cost of goods sold of $16,888,754 and operating expenses amounting to $5,600,000. Reliable paid 6% interest on $25,000,000 in
Reliable Corporation had sales of $40,953,313, cost of goods sold of $16,888,754 and operating expenses amounting to $5,600,000. Reliable paid 6% interest on $25,000,000 in outstanding bonds. The company received $150,000 in dividend income, and sold property for a $200,000 capital gain. What was the firm's taxable income? SET YOUR CALCULATOR TO 4 DECIMAL PLACES THEN ROUND TO THE NEAREST WHOLE NUMBER AT THE END. DO NOT ENTER THE $ SIGN SYMBOL..i.e. if your answer is 1,000,000 enter it as 1,000,000.
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