Question: For the year ended December 31, 2010, Maple Corp.s book income, before federal income tax, was $100,000. Included in this $100,000 were the following: Provision

For the year ended December 31, 2010, Maple Corp.’s book income, before federal income tax, was $100,000.

Included in this $100,000 were the following:

Provision for state income tax $1,000 Interest earned on US Treasury Bonds 6,000 Interest expense on bank loan to purchase US Treasury Bonds 2,000 Maple’s taxable income for 2010 was

a. $ 96,000

b. $ 97,000

c. $100,000

d. $101,000

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