If the beginning balance in Strauder, Inc.’s OAA is $5,700 and the following transactions occur, what is Strauder’s ending OAA balance?
|
Depreciation recapture income |
$22,700 |
|
Payroll tax penalty |
(4,200) |
|
Tax exempt interest income |
4,995 |
|
Nontaxable life insurance proceeds |
50,000 |
|
Life insurance premiums paid |
|
|
(nondeductible) |
(3,333) |