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QUESTION
An income statement shows "income before income taxes and extraordinary items" in the amount of $2,740,000.
26. An income statement shows "income before income taxes and extraordinary items" in the amount of $2,740,000. The income taxes payable for the year are $1,440,000, including $480,000 that is applicable to an extraordinary gain. Thus, the “income before extraordinary items” isA) $820,000.B) $1,860,000.C) $900,000.D) $1,780,000.
