Exercise 6 32 (Algorithmic) (LO 3) Murphy has a brokerage account and buys on the margin, which resulted in an interest expense of $53,200 during the year Income generated through the brokerage account was as follows Municipal interest $106,400 Taxable dividends and interest 532,000 If required, round any division to two decimal places and use in subsequent computation Round your final answer to the nearest dollar How much investment interest can Murphy deduct

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Question: Exercise 6-32 (Algorithmic) (LO. 3) Murphy has a brokerage account and buys on the margin, which resulted in an interest expense of $53,200 during the

Exercise 6-32 (Algorithmic) (LO. 3)

Murphy has a brokerage account and buys on the margin, which resulted in an interest expense of $53,200 during the year. Income generated through the brokerage account was as follows:

Municipal interest	$106,400
Taxable dividends and interest	532,000

If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar.

How much investment interest can Murphy deduct?

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