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Tachibana corporation has income per books before tax of

Question - Tachibana Corporation has income per books before tax of $286,000. In computing income per books, Tachibana deducted $20,000 for meals and entertainment expenses, $3,000 for premiums on officers' life insurance policies (the corporation is the beneficiary for these policies), and $100 for fines. What is Tachibana Corporation's taxable income?

1. $286,100

2. $289,000

3. $289,100

4. $299,100

5. $303,100

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Accounting Basics: Tachibana corporation has income per books before tax of

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