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Question: Walter Corporation reports $500,000 of taxable income in the current year. Determine its book income if tax depreciation was $15,000 more than book depreciation, its deductible meals and entertainment expenses were $40,000, and it had $10,000 of tax-exempt income.

$500,000

$485,000

$315,000

$285,000

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Category:- Accounting Basics
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