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Walter Corporation reports $500,000 of taxable income in the current year. Determine its book income if tax depreciation was $15,000 more than book depreciation, its
Walter Corporation reports $500,000 of taxable income in the current year. Determine its book income if tax depreciation was $15,000 more than book depreciation, its deductible meals and entertainment expenses were $40,000, and it had $10,000 of tax-exempt income.
$500,000
$485,000
$315,000
$285,000
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