Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following: Other information:Logan's income tax rate is 30%. Finished goods inventory:January 1, 2014 $160,000December 31, 2014 140,000On Logan's multiple-step income statement for 2014,Extraordinary loss is
A) $16,800.
B) $24,000.
C) $29,400.
D) $42,000.

Question

Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following:  Other information:Logan's income tax rate is 30%. Finished goods inventory:January 1, 2014 $160,000December 31, 2014 140,000On Logan's multiple-step income statement for 2014,Extraordinary loss is
A) $16,800. 
B) $24,000. 
C) $29,400. 
D) $42,000.

Quizplus · Accepted Answer

The Answer of Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following:  Other information:Logan's income tax rate is 30%. Finished goods inventory:January 1, 2014 $160,000December 31, 2014 140,000On Logan's multiple-step income statement for 2014,Extraordinary loss is
A) $16,800. 
B) $24,000. 
C) $29,400. 
D) $42,000.