Corpus Christi Corporation reported the following pretax (and taxable) information for 2010: Income from continuing operations.$400,000 Loss
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Question:
Corpus Christi Corporation reported the following pretax (and taxable) information for 2010:
Income from continuing operations……………………………………….…$400,000
Loss on disposal of Segment Bongo………………………………………….. 40,000
Extraordinary flood loss……………………………………………………...…..60,000
Prior period adjustment-Depreciation was understated in 2009…………….12,000
Gain from operations of discontinued Segment Bongo……………….…….. 20,000
Income tax rate……………………………………………………………...……...30%
Required:
Prepare the lower portion of Corpus Christi's 2010 income statement, beginning with pretax income for continuing operations.
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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