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29. (Objs. 2 and 3) A corporation has the following income and deductions in 2019 Included...

29. (Objs. 2 and 3) A corporation has the following income and deductions in 2019 Included in these amounts are $290,000 of income and $42,000 of taxable wages reported on Form W-2 . Commute the corporation’s taxable income, tax liability, and any carryovers to others tax years.

Gross sales                                                                   $ 830,000

Long-term capital gains                                               $   15,000

Dividend income (33% ownership in the stock)         $   60,000

Interest income                                                            $   70,000

Costs of goods sold                                                      $ 444,000

Other business expenses                                              $ 260,000

Charitable contributions                                              $   72,000

Long-term capital losses                                              $   35,000

Business   Accounting   
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