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Micheal Corp. had sales of $600,000 and operating expenses of $340,000. In addition, Micheal Corp....

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Accounting

Micheal Corp. had sales of $600,000 and operating expenses of $340,000. In addition, Micheal Corp. received dividend income of $42,000 from Honor Corp. in which it owns 25% of Honor Corp. Calculate Micheal Corp.'s taxable income for the year.

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