Question: Fellups Inc had net income for the year just ended
Fellups, Inc. had net income for the year just ended of $75,000, without considering the following item or its tax effects. During the year, a tornado damaged one of the company’s warehouses and its contents. Tornado damage is quite rare in Fellups’s location. The estimated amount of the loss from the tornado is $100,000 and the related tax effect is 40 percent. Prepare the final section of Fellups’s income statement, beginning with income before extraordinary items.
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