During the year, Johnson Corporation had the following incom…
During the year, Johnson Corporation had the following income and expenses:Operating income – $1,200,000Salaries & wage expense – $600,000Charitable contributions – $90,000Capital gains – $30,000Depreciation expense – $70,000Dividends from a 25% owned corporation – $120,000Dividends received deduction – $78,000Johnson Corporation’s “Taxable Income before Charitable Contribution Deduction” would be: