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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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