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Palomo Corp has a tax rate of 30 percent and income before non-operating items of $357,000. It also has the following items (gross amounts):

Unusual gain $ 23,000
Loss from discontinued operations 183,000
Dividend revenue 6,000
Income increasing prior
period adjustment 74,000

What is the amount of income tax expense Palomo would report on its income statement?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M998708

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