Part I $(1$ pt each$)$

Plainview, Inc is an accrual basis, calendar year corporation. Plainview is a private company. For

the calendar year $2023,$ Finance has forecasted $$16,000,000$ of income before tax on its

financial statements prepared in accordance with US GAAP. The corporate records reveal the

additional following information for $2023($according to the forecast$).$

o The financial statement balance for allowance for bad debts on January $1$ was

$$1,110,000.$

o Write$-$offs of bad debts for the year are estimated to be approximately $$763,000,$ and

additions to the allowance for accounting purposes for the year will be $$1,305,000.$

o Plainview, Inc. will incur $$150,000$ of entertainment costs and $$150,000$ of business

meals not provided by a restaurant in $2023.$

o The CFO$$s total income in $2023$ is expected to be $$2,350,000.$

o Plainview, Inc. has $$18,000,000$ of net operating losses that remain available

$($$$2,000,000$ from $2017$; $$2,000,000$ from $2018$; $$14,000,000$ from $2019).$

o Plainview, Inc. estimates a book expense for depreciation of $$4,000,000.$ Tax

Depreciation has been forecasted at $$5,000,000$

a$)$ What is Plainview$$s expected taxable income for $2023?$

b$)$ What is Plainview$$s expected tax payable for $2023?$

c$)$ What is Plainview$$s expected tax expense for $2023?$