Franton Co

question 39

Essay

Franton Co.,a calendar year,accrual basis corporation,reported $2,076,000 net income after tax on its current year financial statements prepared in accordance with GAAP.The corporation's financial records reveal the following information.
-Federal tax expense per books was $660,000.
-Franton received $22,400 of dividends from its investment in Microsoft and General Motors stock.
-Bad debt expense was $12,900,and write-offs of uncollectible accounts receivable totaled $16,300.
-Book depreciation was $110,890,and MACRS depreciation was $94,700.
-Franton paid a $50,000 fine to the City of Albany for illegal trash dumping.
Compute Franton's taxable income and regular tax liability.

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