The following is a partial year-end adjusted trial balance.

Income tax expense has not yet been accrued. The income tax rate is 40%. Determine the following:
(a) Operating income (loss),
(b) Income (loss) before any separately reported items, and
(c) Net income(loss).

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Debits Credits 3,00,000 Account Title Sales revenue Loss on sale of investments Interest revenue Loss from flood damage (unus50,000 22,000 4,000 and infrequent) Cost of goods sold General and administrative 1,60,000 40,000 50,000 25,000 expenses Restructuring costs Selling expenses Income tax expense