As of december 31 20x15 hardy corp has net income per books, Ask an Expert

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As of December 31, 20X15, Hardy Corp. has net income per books of $120,000, which includes straight-line depreciation expense of $5,000. Hardy Corp. claimed accelerated depreciation of $15,000 for tax purposes. Also included in book income were lobbying expenses of $4,000 and a federal income tax refund of $5,000. What is Hardy Corp.’s current earnings and profits (Current E&P) for 20X15?

a. $119,000

b. $124,000

c. $109,000

d. $114,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91585738

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