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a consumer electronics company was formed to sell a portable handset system. the company purchased a warehouse and converted it into a manufacturing plant for $1,200,000 (including the purchase price of the warehouse). it completed installation of assembly equipment worth $400,000 on december 31, 2019. the plant began operation on january 1, 2020. the company had a gross income of $1,500,000 for the calendar year. manufacturing costs and all operating expenses, excluding the capital expenditures, (a) Compute the taxable income of this company.
(b) How much will the company pay in federal income taxes for the year?
Sagot :
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