Manistee Corporation reported taxable income of $1,200,000 this year and paid federal income taxes of...
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Manistee Corporation reported taxable income of $1,200,000 this year and paid federal income taxes of $408,000. Not included in the computation was disallowed entertainment expenses of $25,000, tax-exempt interest of $20,000, and a net capital loss of $50,000 incurred this year. Manistee is an accrual basis taxpayer. The corporations current earnings and profits this year would be:
$1,200,000
$1,145,000
$787,000
$737,000
Please show the answer with calculations. Thanks!
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