FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Lark Corporation (a calendar year corporation) had the following income and expenses during the last completed calendar year:
Income from operations $100,000
Expenses from operations 50,000
Dividends received (less 20% ownership) 10,000
Charitable contribution made in July of the last completed 7,000
Calendar year
Lark Corporation’s charitable contribution deduction for the last completed calendar year is:
Group of answer choices
$5,700
None of the above
$7,000
$5,000
$6,000
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