Jacobsen Corporation prepares its financial statement applying International Financial Reporting Standards. During its 2013 fiscal year, the company reported before-tax income of $627,000. This amount does not include the following two items, both of which are considered to be material in amount:

Unusual and infrequent gain…………………..$207,000

Loss from discontinued operations……………(307,000)

The company's income tax rate is 35%. In its 2013 income statement, Jacobsen would report income from continuing operations of:

a) $407,550

b) $542,100

c) $342,550

d) $627,000

Answer rating: 100% (QA)

b 542100 In its 2013 income statement Jacobsen would repo... View the full answer