Palomo corp has a tax rate of 30 percent and income before, Ask an Expert

Accounting

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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M998708

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