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Sigma Enterprises Income Type Reported Amount Correct Amount Sales Revenue $3,500,000 $3,200,000 Interest Income $100,000 $120,000 Other Income $200,000 $180,000 Requirement: Recalculate the taxable income
Sigma Enterprises
Income Type | Reported Amount | Correct Amount |
Sales Revenue | $3,500,000 | $3,200,000 |
Interest Income | $100,000 | $120,000 |
Other Income | $200,000 | $180,000 |
Requirement: Recalculate the taxable income and determine the correct tax liability at a corporate tax rate of 25%. Explain the necessary adjustments.
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