The Centinela Corporation presents in its accounting books the following items related to its income...
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Accounting
The Centinela Corporation presents in its accounting books the following items related to its income for 2020:
Sales income $ 2,000,000 Cost of goods sold (1,300,000) Interest income savings account 1,000 Interest income on New York City bonds 15,000 Loss of capital (100,000)
to. For each item presented above, determine the amount that will be included in the 2020 income tax return for the Centinela corporation.
b. Determine the total Gross Income for the corporation in 2020. Present your computations.
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