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Problem:

Nikennis Corporation has outstanding at December 31, 2012, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2012, Nikennis earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,200,000. Nikennis's income tax rate is 30%.

Required:

Question: Calculate Nikennis's 2012 net income.

Note: Please provide reasons to support your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163718

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