Exam Corporation reports taxable income of $800,000 on its federal income tax return. Given the following information from the corporation's records, determine its book income.
Deduction for federal income taxes per
$\begin{array}{ll}
\text { financial accounting records } & \$ 272,000 \
\text { Depreciation claimed on the tax return } & 140,000 \
\text { Depreciation recorded on the financial accounting records } & 80,000 \
\text { Dividends-received deduction } & 48,000 \
\text { Life insurance proceeds on death of corporate officer } & 90,000
\end{array}$

Question

Exam Corporation reports taxable income of $800,000 on its federal income tax return. Given the following information from the corporation's records, determine its book income.
Deduction for federal income taxes per
 $\begin{array}{ll}
\text { financial accounting records } & \$ 272,000 \
\text { Depreciation claimed on the tax return } & 140,000 \
\text { Depreciation recorded on the financial accounting records } & 80,000 \
\text { Dividends-received deduction } & 48,000 \
\text { Life insurance proceeds on death of corporate officer } & 90,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Exam Corporation reports taxable income of $800,000 on its federal income tax return. Given the following information from the corporation's records, determine its book income.
Deduction for federal income taxes per
 $\begin{array}{ll}
\text { financial accounting records } & \$ 272,000 \
\text { Depreciation claimed on the tax return } & 140,000 \
\text { Depreciation recorded on the financial accounting records } & 80,000 \
\text { Dividends-received deduction } & 48,000 \
\text { Life insurance proceeds on death of corporate officer } & 90,000
\end{array}$

Exam Corporation Reports Taxable Income of $800,000 on Its Federal