Madison corporation reported taxable income of $400,000 in 20x3 and accrued federal income taxes of $136,000. included in the computation of taxable income was regular depreciation of $200,000 (e& p depreciation is $60,000) and a net capital loss carryover of $20,000 from 20x2 utilized in 20x3. the corporation's current earnings and profits for 20x3 would be:
a. $424,000
b. $404,000
c. $380,000
d. $344,000

A) $424,000

Explanation:

Madison Corporation's current earnings and profits for 20x3 would be:

reported taxable income - accrued federal income taxes + regular depreciation - E&P depreciation + net capital loss carryover =

$400,000 - $136,000 + $200,000 - $60,000 + $20,000 =  $424,000

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answer; read and consider the content of the items;