Assuming that the companys tax rate is 30 what amount will, Ask an Expert

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Ester's Bunny Barn has experienced a $40,000 loss due to tornado damage to their inventory. Tornados have never before occurred in this area. Assuming that the company's tax rate is 30%, what amount will be reported for this loss on the income statement?

a. $40,000

b. $28,000

c. $12,000

d. $36,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408284

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