Question
1__ Major Co. repored 2021 income of $303,000 from conining operaions before income aes and a before-a loss on disconined operaions of $65,000. All income
1__
Major Co. repored 2021 income of $303,000 from conining operaions before income aes and a before-a loss on disconined operaions of $65,000. All income is sbjec o a 25% a rae. In he income saemen for he ear ended December 31, 2021, Major Co. old sho he folloing line-iem amons for income a epense and ne income:
A)$75,750 and $238,000 respeciel.
B)$75,750 and $178,500 respeciel.
C)$59,500 and $368,000 respeciel.
2___
Dring is 2021 fiscal ear, Jacobsen Corporaion repored a before-a income of $626,000. This amon does no inclde he folloing o iems, boh of hich are considered o be maerial in an amon:
Unsal gain $ 206,000 Loss on disconined operaions (306,000)
The compan's income a rae is 25%.
Jacobsen Corporaion prepares is financial saemens b appling U.S. GAAP. In is 2021 income saemen, Jacobsen old repor income from conining operaions of
A)$469,500
B)$399,500
C)$624,000
D)$626,000
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