During the Current Year, Metcalf Corporation Has the Following Items $$\begin{array} { l r } \text { Sales } & \$ 450,000 \\\text { Cost of goods sold } & 320,000 \\\text { Dividends received } & 20,000\end{array}$$

question 45

Multiple Choice

During the current year, Metcalf Corporation has the following items of income and expense:
?
$$\begin{array} { l r } \text { Sales } & \$ 450,000 \\\text { Cost of goods sold } & 320,000 \\\text { Dividends received } & 20,000\end{array}$$
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

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