Reynolds Company has income before taxes of $360,000 and an extraordinary loss of $80,000.If the income tax rate is 30% on all items, the income statement should show income before irregular items and an extraordinary loss, respectively, of:
A) $360,000 and ($80,000)
B) $252,000 and ($24,000)
C) $252,000 and ($56,000)
D) $108,000 and ($24,000)
Correct Answer:
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