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Mondial Corporation’s financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,00, operating expenses of $380,000 and $4,000 of dividends received from a 40% owned company. Its operating expenses included the following: $6,000 of life insurance premiums on which it was beneficiary $22,000 of meals and entertainment expenses $30,000 of charitable contributions a. Determine Mondial Corporation’s taxable income. b. Determine Mondial Corporation’s income tax liability c. Determine Mondial Corporation’s income tax liability if book deprecation is $15,000 less than tax depreciation.
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