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Woodward Corporation is only subject to tax in State A. Woodward generated the following income...

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Accounting

Woodward Corporation is only subject to tax in State A. Woodward generated the following income and deductions. Sales Cost of sales State A income tax expense Depreciation allowed for Federal tax purposes Depreciation allowed for state tax purposes Interest income on Federal obligations Interest income on A obligations Expenses related to carrying A obligations $5,000,000 2,900,000 300,000 550,000 350,000 90,000 50,000 10,000 Federal taxable income is the starting point in deriving the State A income tax base. Determine this amount. Determine Woodward's State A taxable income assuming that the interest on A obligations is exempt from State A income tax. Next, determine State A's taxable income assuming that interest on A obligations is subject to A income tax

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