Teal Corporation Has Taxable Income of $320,000

question 124

Multiple Choice

Teal Corporation has taxable income of $320,000. The corporation had total travel and entertainment expenses of $50,000, charitable contributions of $10,000, and tax depreciation in excess of book depreciation of $45,000. Without regard to tax expense for financial statement purposes, what is the book net income of Teal?

• A) $215,000.
• B) $305,000.
• C) $340,000.
• D)None of these.