Dexter Corporation reports the following results for the current year: 
In addition, Dexter has a $25,000 NOL carryover from the preceding tax year. What is Dexter's taxable income fo current year?
Definitions:
Adjusting Entry
An accounting entry made to correct, update, or complete financial records at the end of an accounting period.
Net Income
The total amount of profit earned by a company after all expenses and taxes have been deducted from total revenue.
Depreciation Expense
An accounting method used to allocate the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.
Accrued Expense
An accounting term for expenses that have been incurred but not yet paid, representing a company's obligation to make future payments.
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