(Answered) Question - during the year loon corporation has the

Accounting

Question - During the year, Loon Corporation has the following trancastions: $ 400,000 operation income, $355,000 operating expenses, $25,000 municipal bond interest, $ 60,000 long-term capital gain, and $ 95,000 short-term capital loss.

A. Compute Loon's taxable income for the year.

B. Assume the same facts except Loon's long-term capital gain is $ 100,000(instead of $ 60,000). Compute Loon's taxable income for the year.

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