Ramo corp sol corp stock sold 11094 real estate

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Unformatted text preview: 000 $1,400 $1,800 $2,100 $2,700 $3,000 $5,000 $8,000 $21,570 $98,000 $200,000 $214,000 $300,000 $700,000 $1,000,000 $(13,430) $(14,550) CPA-04316 Explanation Choice "P" is correct. $1,000,000. No adjustment is necessary to go from the book amount to tax amount. Thus, the amount included in income is $1,000,000. CPA-04317 Type1 M/C 137. CPA-04317 A-R Corr Ans: O PII May 92 #5 (Adapted) 2 PM#43 R 3-99 Page 3 Following is Ral Corp.'s condensed income statement, before federal income tax, for the year ended December 31, 1993: Sales Cost of sales Gross profit Operating expenses Operating income Other income (loss): Interest Dividends Net long-term capital loss Income before federal income tax $1,000,000 (700,000) 300,000 (220,000) 80,000 $5,200 19,200 (6,400) 18,000 98,000 Additional information: Interest arose from the following sources: 69 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Becker CPA Review, PassMaster Questions Lecture: Re...
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