Based on the following information, compile an Income t for the year ending '08 Volume for the year totaled 5MM gallons. Sales price was $1.80 per gallon 2) Corporation, in '08, purchased equipment for $150M. Equipment will be deprecta 3) Land purchased in 1990 for $200M now has an appraised value of $80oM 4) Company's Gross Profit Percentage for year ending 07 was 7%; for year ending 5) Company borrowed money from Pirat Bank on 6/30/08. The loan totaled $850M. The ted 5 year MACRS method Gross Profit Percentage was 8% rate was fixed at 9%. 6) Due to price increases (08 vs. '07); Accounts Receiv able have increased by $100M of $100M to the Company has no Preferred Stock. The company did elect to pay a dividend Common Shareholders. There are 50M shares of common stock outstanding as of 1 7) 8) Corporation, in '06, purchased equipment for $75M. This equipment will be depreciated via 7 year MACRS. 9) Company was in the 35% tax bracket in 06 & 07. In '08, the company is in the 40 % tax b 10) One of the owners borrowed $150M from the business on 9/30/08. Terms are 5 years, with rack interest only to be paid in years 1 & 2. The agreed interest rate is 0%. 11) Company repaid $200M on long term debt in 08. Interest relating to this debt totaled $15M. 12) Selling & General Administrative Expenses totaled 4.5% of Sales 13) Company was unable to collect Accounts Receivable totaling $50M. They have elected to treat this as a bad debt expense in '08. 4) Company was able to collect $20M from a bad debt expense (written off in O6) in 08.
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