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  1. business
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  3. last fiscal year 01-jan to 31-dec, norco, inc., a

Last fiscal year 01-Jan to 31-Dec, Norco, Inc., a fabricator of metal products, had a...

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Accounting

Last fiscal year 01-Jan to 31-Dec, Norco, Inc., a fabricator of metal products, had a gross revenue of $59,550,000, cost of goods sold of $39,775,000, interest expense of $5,687,000 and total depreciation charges of $3,507,000. Also on October 1 of last year, Norco completed purchase of and placed in service a new automated production line with an installed initial cost of $5,100,000 that they will depreciate. Compute Norcos taxable income for last year.

a. $5,481,000

b. $8,988,000

c. $10,581,000

d. $14,088,000

e. None of the above

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