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uince Company has a book income of $120,000 properly determined in accordance with financial accounting principles. The following information is also available: The company received
uince Company has a book income of $120,000 properly determined in accordance with financial accounting principles. The following information is also available: The company received a $10,000 dividend from a large publicly traded domestic corporation of which it owns less than 20%. Income tax expense on the financial statements was $30,000 Depreciation expense on the financial statement is $25,000 less than depreciation expense determined using tax laws. The company received life insurance proceeds of $15,000. Charitable contributions of $20,000 were made. Determine the taxable income of Quince Company. I not sure if the two figures I did is correct. $105,000 or $75,000
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