Wright Corporation reported $100,000 of book income before income taxes for the year ended December 31, 2015. The income statement disclosed the following information:
Christmas gifts to 40 customers at $100 each
Dividends of $20,000 received from Morley, Ltd., a 20%-owned corporation
that is not subject to United States income tax
Insurance premiums of $15,000 on a policy insuring the life of the president
of the corporation, under which Wright Corporation is the beneficiary
What should Wright report as its taxable income for 2015?
A. $103,000
B. $102,000
C. $115,000
D. $118,000
Answers: 3
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Wright Corporation reported $100,000 of book income before income taxes for the year ended December...
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