During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses $497000, cash dividends $92300, other expenses and losses $41200. Its corporate tax rate is 30%. What was Coronado's income tax expense for the year? $57630 O $497000 O $186900 O $62300

During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses $497000, cash dividends $92300, other expenses and losses $41200. Its corporate tax rate is 30%. What was Coronado's income tax expense for the year? $57630 O $497000 O $186900 O $62300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses $497000, cash dividends
$92300, other expenses and losses $41200. Its corporate tax rate is 30%. What was Coronado's income tax expense for the year?
O $57630
O $497000
O $186900
O $62300
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