ACME Company reports income before income taxes of $2,400,000 and had an extra-ordinary loss of $800,000.If the tax rate is 30%,
A) the income before the extraordinary item is $1,920,000.
B) the extraordinary loss would be reported on the income statement at $800,000.
C) the income before the extraordinary item is $1,680,000.
D) the extraordinary loss will be reported at $240,000.
Correct Answer:
Verified
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