The Chicago Corporation has income before taxes of ($400,000) and an extraordinary loss of ($100,000). If the

Question:

The Chicago Corporation has income before taxes of $$400,000$ and an extraordinary loss of $$100,000$. If the income tax rate is 25% on all items, the income statement should show income before extraordinary items, and extraordinary items, respectively, of:

(a) $$325,000$ and $$100,000$.

(b) $$325,000$ and $$75,000$.

(c) $$300,000$ and $$100,000$.

(d) $$300,000$ and $$75,000$

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