XYZ company purchased a manufacturing plant for $2,000,000 in November. Installation of assembly line worth...
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XYZ company purchased a manufacturing plant for $2,000,000 in November. Installation of assembly line worth $1,500,000 is done in December 2019. The plant starts operation on March 2020. The company realized a gross income of $5,400,000 during 2020. Manufacturing costs and other expenses were $128,000. The depreciation expenses for machinery and assets used were to $120,000. The company paid a loan interest payment of 100,000. The net income and the average corporate tax rate for the year 2020 respectively are equal to which of the followings?
| a | $3202320 and 34% | |
| b | $3334320 and 34% | |
| c | $364320 and 34% | |
| d | $2234320 and 43% | |
| e | None of the above |
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