June Corporation has the following income and expense items during the current year: The allowed dividends-received deduction is

Question

June Corporation has the following income and expense items during the current year:  The allowed dividends-received deduction is

Quizplus · Accepted Answer

The allowed dividends-received deduction is equal to 70% of the dividends received by June Corporation. From the income statement, we can see that June Corporation received dividends totaling $274,000 ($181,000 + $93,000). 
Thus, the allowed dividends-received deduction is 70% of $274,000, which equals $192,000. Therefore, the correct answer is C.

June Corporation Has the Following Income and Expense Items During