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At x Company, events and transactions during 2020 included the following. The tax rate for all items is 20%. (1) Depreciation for 2018 was found
At x 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 $150,000. |
(2) | A strike by the employees of a supplier resulted in a loss of $120,000. |
(3) | The inventory at December 31, 2018 was overstated by $160,000. |
(4) | A disposal of a component of the business resulted in a $16,000,000 loss. |
The effect of these events and transactions on 2020 net income net of tax would be? Please show step by step.
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