41. River Inc. had an extraordinary gain equal to $ 15,000 (before taxes) and an extraordinary loss equal to $ 3,000 (before taxes). The net income for River Inc. equals $ 48,000. What was the value of "income from continuing operations?"

A) $ 48,000

B) $ 36,000

C) $ 60,000

D) no answer can be determined

Answer: D Difficulty: Hard

42. River Inc. had an extraordinary gain equal to $ 15,000 (before taxes) and an extraordinary loss equal to $ 3,000 (before taxes). The net income for River Inc. equals $ 48,000 (Tax Rate = 25%). What was the value of "income from continuing operations?"

A) $ 39,000

B) $ 48,000

C) $ 57,000

D) no answer can be determined

Answer: A Difficulty: Hard