LO.6 If the beginning balance in Swan, Inc.’s OAA is $6,700 and the following transactions occur, what is Swan’s ending OAA balance?
Depreciation recapture income $ 21,600
Payroll tax penalty (4,200)
Tax exempt interest income 4,012
Nontaxable life insurance proceeds 100,000
Life insurance premiums paid (nondeductible) (3,007)