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Security-Rand Corporation determines executive incentive compensation at the end of its fiscal year. At the end of the first quarter, management estimated that the amount
Security-Rand Corporation determines executive incentive compensation at the end of its fiscal year. At the end of the first quarter, management estimated that the amount will be $300 million. Depreciation expense for the year is expected to be $60 million. Also during the quarter, the company realized a gain of $23 million from selling two of its manufacturing plants. Required: What amounts for these items should be reported in the first quarter's income statement
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