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  3. blue corp reported taxable income of $700,000 on i

Blue corp reported taxable income of $700,000 on its federal income tax return for the...

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Accounting

Blue corp reported taxable income of $700,000 on its federal income tax return for the current calendar year. Selected information for the year is available from Blue's records: Provision for federal income tax per books $250,000 ; Depreciation claimed on the tax return $130,000 ; Depreciation recorded in books $80,000 ; Life insurance proceeds on death of corp officer $100,000 Blue reported net income per books for the current year of a. 500,000 b. 550,000 c. 600,000 d. 800,000

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