Question: Lambda Consulting Lambda Consulting reported taxable income of $3,000,000. $500,000 in consulting fees were not reported. $200,000 in tax-deductible contributions were not deducted. A tax

Lambda Consulting
•Lambda Consulting reported taxable income of $3,000,000.
•$500,000 in consulting fees were not reported.
•$200,000 in tax-deductible contributions were not deducted.
•A tax credit of $150,000 for green building initiatives was not applied.
Requirement: Adjust the taxable income and compute the correct tax liability at a corporate tax rate of 29%. Identify and correct the errors.

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