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If plant assets of a manufacturing company are sold at a gain of $1760000 with related income taxes of $550000, and the gain is not considered unusual, the income statement for the period would disclose these effects as a prior period adjustment, net of applicable taxes, $1210000. operating income, net of applicable taxes, $1210000. a gain of $1760000 and an increase in income tax expense of $550000. a gain from discontinued operations, net of applicable taxes, $1210000