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
financial accounting records $272,000
Depreciation claimed on the tax return 140,000
Depreciation recorded on the financial accounting records 80,000
Dividends-received deduction 48,000
Life insurance proceeds on death of corporate officer 90,000

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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
financial accounting records $272,000
Depreciation claimed on the tax return 140,000
Depreciation recorded on the financial accounting records 80,000
Dividends-received deduction 48,000
Life insurance proceeds on death of corporate officer 90,000

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