Packer Co.'s year 5 income statement reported $130,000 in income before provisions for income taxes. To compute the provision for federal income taxes, the following year 5 data are provided:
Rent received in advance $22,000
Income from exempt municipal bonds $17,000
Depreciation deducted for income tax purposes $18,000
Depreciation deducted for financial purposes $10,000
What amount should Packer report as taxable income?
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