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ABC has a tax rate of 20% and income before non-operating items of 300,000. It also has the following items (gross amounts). Account Amount 30,000
ABC has a tax rate of 20% and income before non-operating items of 300,000. It also has the following items (gross amounts). Account Amount 30,000 100,000 Unusual gain Discontinued operations loss Dividend revenue Gain on disposal of equipment Change in accounting principle increasing prior year's income 5,000 8,000 40,000 What is the amount of income tax expense ABC would report on its income statement
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