During the current year, 40 acres of land that cost ($ 200,000) were condemned for construction of

Question:

During the current year, 40 acres of land that cost $\$ 200,000$ were condemned for construction of an interstate highway. Assuming that an award of $\$ 320,000$ in cash was received and that the applicable income tax on this transaction is $40 \%$, how would this information be presented in the income statement?

LO12

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