The records for Carla Vista Co. show this data for 2021: Gross profit on installment sales...

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The records for Carla Vista Co. show this data for 2021: Gross profit on installment sales recorded on the books was $510,000. Gross profit from collections of installment receivables was $370,000. Life insurance on officers was $4,700. Machinery was acquired in January for $390,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MAČRS depreciation is used and Carla Vista may deduct 14% for 2021. Interest received on tax exempt lowa State bonds was $9,900. The estimated warranty liability related to 2021 sales was $22,500. Repair costs under warranties during 2021 were $14,500. The remainder will be incurred in 2022. Pretax fınancial income is $690,000. The tax rate is 20%. Prepare a schedule starting with pretax financial income and compute taxable income. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Schedule of Pretax Financial Income and Taxable Income for 2021 $ $ %24 > > > > > > > The records for Carla Vista Co. show this data for 2021: Gross profit on installment sales recorded on the books was $510,000. Gross profit from collections of installment receivables was $370,000. Life insurance on officers was $4,700. Machinery was acquired in January for $390,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MAČRS depreciation is used and Carla Vista may deduct 14% for 2021. Interest received on tax exempt lowa State bonds was $9,900. The estimated warranty liability related to 2021 sales was $22,500. Repair costs under warranties during 2021 were $14,500. The remainder will be incurred in 2022. Pretax fınancial income is $690,000. The tax rate is 20%. Prepare a schedule starting with pretax financial income and compute taxable income. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Schedule of Pretax Financial Income and Taxable Income for 2021 $ $ %24 > > > > > > >

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