(Solved): The following information is available for Ryan Corporation: Assets at cost- $260,000 (8-year life, ...

The following information is available for Ryan Corporation: Assets at cost- $\$260,000$ (8-year life, straight-line depreciation, no salvage value, purchased 2 years ago); Accumulated depreciation-\$65,000. Accumulated CCA-\$105,300; CCA rate-30\%; meals and entertainment recorded in the books- $\$12,000$; golf dues paid and expensed on the books- $\$5,000$; pre-tax accounting income- $\$40,000$. No CCA was taken during the current year. Based on this information and a tax rate of $45\%$, what is taxable income? a. 51,000 b. 35,000 c. 41,000 d. 46,000