During the Current Year, Metcalf Corporation Has the Following Items $$\begin{array} { l r } \text { Sales } & \$ 450,000 \\\text { Cost of goods sold } & 320,000 \\\text { Dividends received } & 20,000\end{array}$$

Multiple Choice

During the current year, Metcalf Corporation has the following items of income and expense:
?
$$\begin{array} { l r } \text { Sales } & \$ 450,000 \\\text { Cost of goods sold } & 320,000 \\\text { Dividends received } & 20,000\end{array}$$
Metcalf owns 37% of the corporation that distributed the dividend to Metcalf. Determine the amount reported as income before special deductions for the current year.

A) $130,000
B) $134,000
C) $150,000
D) $454,000
E) $470,000