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Jacobsen Corporation prepares its financial statement applying U.S. GAAP. During its 2013 fiscal year, the company reported before-tax income of $628,000. This amount does not
Jacobsen Corporation prepares its financial statement applying U.S. GAAP. During its 2013 fiscal year, the company reported before-tax income of $628,000. This amount does not include the following two items, both of which are considered to be material in amount: Unusual and infrequent gain $208,000 Loss from discontinued operations (308,000) The company's income tax rate is 40%. In its 2013 income statement, Jacobsen would report income from continuing operations of: $376,800 $501,600 $316,800 $628,000
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