During the current year, Banana Corporation (a calendar year C corporation) had the following income...
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Accounting
During the current year, Banana Corporation (a calendar year C corporation) had the following income and expenses: Income from operations $200,000 Expenses from operations 140,000 Dividends received (15% ownership) 30,000 On October 1, Banana Corporation made a contribution to a qualified charitable organization of $10,000 in cash (not included in any of the above items). Determine Bananas charitable contribution deduction for the current year.
a. $6,650 b. $7,500 c. $6,450 d. $9,000
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