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XYZ company purchased a manufacturing plant for $2,000,000 in November. Installation of assembly line worth $1,500,000 is done in December 2019. The plant starts operation
XYZ company purchased a manufacturing plant for $2,000,000 in November. Installation of assembly line worth $1,500,000 is done in December 2019. The plant starts operation on March 2020. The company realized a gross income of $5,200,000 during 2020. Manufacturing costs and other expenses were $128.000. The depreciation expenses for machinery and assets used were to $120,000. The company paid a loan interest payment of 100,000. The net income and the average corporate tax rate for the year 2020 respectively are equal to which of the followings? $1090320 und 39% S232320 and 34% O S3202320 and 34% S3202320 and 619 None of the above
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