Memorax company earned before-tax income of 865000 for its, Ask an Expert

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Memorax Company earned before-tax income of $865,000 for its 2011 fiscal year. During the year the company experienced a $510,000 loss from earthquake damage that it considered to be an extraordinary item. This loss is not included in the $865,000 before-tax income figure. The company's income tax rate is 42%.

Prepare the lower portion of the 2011 income statement beginning with $865,000. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in your response.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9979230

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