timpanogos incorporated is an accrual method calendar year corporation. for 2022 it reported financial statement income after taxes of $1342 000 . timpanogos provided the following information relating to ita 2022 activities.

life insurance proceeds as a result of ceo death $200000

revenue from sales 2000000

premiums paid on the key person life insurance policies . the policies have no cash surrender value 21000

charitable contributions 180000

cost of good sold for book and tax purposes 300000