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Palomo Corp has a tax rate of 30 percent and income before non-operating items of $1, 785,000. It also has the following items (gross amounts).
Palomo Corp has a tax rate of 30 percent and income before non-operating items of $1, 785,000. It also has the following items (gross amounts). Unusual gain $ 115,000 Loss from discontinued operations 915,000 Dividend revenue 30,000 Income increasing prior period adjustment 370,000 What is the amount of income tax expense Palomo would report on its income statement? $579,000 $304, 500 $415, 500 $544, 500
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