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Compute the taxable income of this company

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Question - A consumer electronics company was formed to develop cell phones that run on or are recharged by fuel cells. The company purchased a warehouse and converted it into a manufacturing plant for $8,000,000. It completed installation of assembly equipment worth $1, 100,000 on December 31st. The plant began operation on January 1st. The company had a gross income of $8,400,000 for the calendar year. Manufacturing costs and all operating expenses, excluding the capital expenditures, were $2,320,000. The depreciation expenses for capital expenditures amounted to $449,000.

Required -

a) Compute the taxable income of this company?

b) How much will the company pay in federal income taxes for the year?

c) Find the average tax rate for the company.

Reference no: EM132539041

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