Situation Brunner Corporation is in its first year of operations.The company has pretax income of $600,000.The company has the following items recorded in its records.No estimated tax payments were made during year 1. | Actual warranty repairs | 4,100 | | Warranty expense | 5,000 | | Bad debt expense | 3,400 | | Beginning balance in allowance for uncollectible accounts | 0 | | Bad debts written off | 2,900 | | Depreciation on tax return in excess of book depreciation | 15,000 | | Interest on municipal bonds | 7,800 | | Premiums on life insurance of key officer | $12,000 | Rent received in advance from clients $12,000 recognized this year with
an additional $12,000 to be recognized in each of the next 2 years | 36,000 | | Tax rate for year 1 and future years | 30% | Complete the following table to calculate taxable income.If no adjustment is needed for a particular item enter 0 as your calculation. Premiums on life insurance of key officer
________? |
