Question

Kline Company has the following items of pretax financial (and taxable) “income” for the current year:
Income from continuing operations .......... $100,000
Gain on disposal of discontinued Division B ...... 23,000
Loss from operations of discontinued Division B ..... (11,000)
The company is subject to income tax rates of 30% on the first $40,000 of income and 35% on all income in excess of $40,000. Prepare a schedule to calculate Kline’s intraperiod income tax expense (and credit) amounts.



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  • CreatedDecember 09, 2013
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