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Wabash, Inc., had revenue and expenses from ongoing business operations for the current year of $ 480,000 and $ 430,000, respectively. During the year, the company sold a division which had revenue and expenses (not included in the previous figures) of $ 100,000 and $ 75,000, respectively. The division was sold at a loss of $ 55,000. All items are subject to an income tax rate of 40 per-cent. Prepare an abbreviated income statement for Wabash for the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969642

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