4 BACK Testbank Multiple Choice Question 69 At Sunland Company, events and transactions during 2020 included the following. The tax rate for all items is 20%. (1) Depreciation for 2018 was found to be understated by $149500. (2) A strike by the employees of a supplier resulted in a loss of $124800. (3) The inventory at December 31, 2018 was overstated by $199800. The effect of these events and transactions on 2020 income from continuing operations net of tax would be O ($379280). O (5219440). (5279440). ($99840). Click if you would like to Show Work for this question: Open Show Work Testbank Multiple Choice Question 103 Concord Corporation paid or collected during 2020 the following items: Insurance premiums paid Interest collected Salaries paid $29900 69500 280700 The following balances have been excerpted from Concord's balance sheets: December 31, 2020 December 31, 2019 Prepaid insurance $2540 $3120 Interest receivable 7380 5680 Salaries and wages payable 24400 21800 The interest revenue on the income statement for 2020 was $71200 $82560. $67800. $56440 Click if you would like to Show Work for this question: Oren Show Work