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Zeta Enterprises Expense Type Reported Amount Correct Amount Salaries $2,000,000 $2,100,000 Depreciation $300,000 $350,000 Legal Fees $150,000 $130,000 Requirement: Adjust the taxable income and compute

Zeta Enterprises

Expense Type

Reported Amount

Correct Amount

Salaries

$2,000,000

$2,100,000

Depreciation

$300,000

$350,000

Legal Fees

$150,000

$130,000

Requirement: Adjust the taxable income and compute the tax liability assuming a corporate tax rate of 26%. Explain the corrections made.


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