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(Solution) - In its proposed 2012 income statement DuToit Corporation report

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In its proposed 2012 income statement, DuToit Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $150,000, income taxes $200,000 (not including irregular items), loss on operation of discontinued music division $60,000, and gain on disposal of discontinued music division $40,000. The income tax rate is 40%. Prepare a correct income statement, beginning with income before income taxes.


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This question was answered on: Jul 11, 2017

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