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Pop Inc. had the following items of income and expense: Sales $500,000 Cost of sales 275,000 Dividends Received from Grams I
Dividends received Deduction 25,000 in Pops corporate income tax return, what amount should be reported as income before spe
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Answer #1

Answer is option D

D. $265000

Sales

500000

Dividend received

25000

Interest earned Lexington, KY bonds

10000

Interest earned snap’s corporate bonds

5000

Gross income

540000

Less: cost of goods sold

275000

Income before special deductions

$265000
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