During the Current Year,Metcalf Corporation Has the Following Items of Income

question 16

Multiple Choice

During the current year,Metcalf Corporation has the following items of income and expense:
$\begin{array}{lr} \text {Sales } &\$ 450,000 \\ \text { Cost of goods sold } &320,000 \\ \text {Dividends received } &20,000\end{array}$
Metcalf owns 37% of the corporation that distributed the dividend to Metcalf.Determine the amount reported as income before special deductions for the current year.

• A)$130,000
• B)$134,000
• C)$150,000
• D)$454,000
• E)$470,000