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Sophia Corp. reported annual business revenues of $90,000 and taxable income of $46,500 (both calculated correctly). It had the following business expenses: Cost of sales
Sophia Corp. reported annual business revenues of $90,000 and taxable income of $46,500 (both calculated correctly). It had the following business expenses:
Cost of sales $30,000 Meals and Entertainment 15,000 Rent 20,000
Explain (in words) what likely happened with the taxable income calculation, showing your own calculations for support.
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