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An inexperienced accountant for Martinez Corporation showed the following in the income statement: net income $347,000 and unrealized gain on available-for-sale securities (before taxes) $77,500.

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An inexperienced accountant for Martinez Corporation showed the following in the income statement: net income $347,000 and unrealized gain on available-for-sale securities (before taxes) $77,500. The unrealized gain on available-for-sale securities is subject to 730% taxrate

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