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[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2021. For the year,

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[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2021. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6 XYZ corporation Income statement For current year Revenue from sales Cost of Goods Sold Book Income $ 40,000,000 (27,000,000) Gross profit Other income: Income from investment in corporate stock Interest income i Capital gains (losses) Gain or loss from disposition of fixed assets Miscellaneous income) Gross Income Compensation Stock option compensation Advertising Repairs and Maintenance Rent Expenses: $13,000,000 300,0001 20,0002 (4,000) 3,000 50,000 $ 13,369,000 (2,500,000)4 (200,000)5 (1,350,000) (75,000) (22,000) (41,000)6

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