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Gumble Corporation had income from the continuing operations of $300,000 for the year ended December 31, 2008. It as well had the given items (before income taxes):

1) Extraordinary flood loss of $150,000. 

2) Loss of $60,000 on discontinuance of a division. 

All items are subject to the income taxes at a 30% tax rate.

Make a partial income statement, starting with income from continuing operations.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916314

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