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a$.$ and b$.$ Compute HC Incorporated's current$-$year taxable income given the following information relating to its current$-$year activities. EXHIBIT $16-7$ Stock Ownership and Dividends$-$Received Deduction Percentage

Also, compute HC$\text{'}$s Schedule M$-1$ assuming that HC$\text{'}$s federal income tax expense for book purposes is $$30,000.$ Use Exhibit $16-7.$

Required:

Gross profit from inventory sales of $$310,000($no book$-$tax differences$).$

Dividends HC received from $28$ percent$-$owned corporation of $$120,000($this is also $H{C}^{\text{'}}\text{'}$s pro rata share of the corporation's

earnings$).$

Expenses other than DRD$,$ charitable contribution $($CC$),$ and net operating loss $($NOL$)$ are $$300,000($no book$-$tax differences$).$

NOL carryover from prior year of $$12,000.$

Cash charitable contribution of $$50,000.$

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Compute HC Incorporated's current$-$year taxable income given the following information relating to its current$-$year activities.

Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.