Please review the Income Statement items per GAAP books and answer the question pertaining to...
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Please review the Income Statement items per GAAP books and answer the question pertaining to the Income Statement. Income Items: Gross Revenue from Operations - $250,000 Life Insurance Proceeds - $50,000 Expense Items: Life Insurance Premiums Paid - $5,000 Repairs \& Maintenance - $50,000 Advertising - $25,000 Fines \& Penalties Paid - $10,000 What is my Net Income per GAAP books? \begin{tabular}{c} $210,000 \\ \hline$350,000 \\ $250,000 \\ $150,000 \end{tabular} Refer to Question 26. What is a permanent difference that is listed? Gross Receipts Advertising Repairs \& Maintenance Life Insurance Proceeds/Death Benefits Refer to Question 26 . What would my taxable income be under tax basis reporting? \begin{tabular}{l} $150,000 \\ \hline$210,000 \\ \hline$175,000 \\ \hline$250,000 \end{tabular} Refer to Question 26 . What would be my corporate tax liability with these figures? $85,000$56,750$36,750$10,000
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