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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. Debit Credit a. Interest revenue $ 15,600 b. Depreciation expenseEquipment $ 35,600 c. Losses on sale of equipment 27,450 d. Accounts payable 45,600 e. Other operating expenses 108,000 f. Accumulated depreciationEquipment 73,200 g. Gain from settlement of lawsuit 45,600 h. Accumulated depreciationBuildings 177,700 i. Loss from operating a discontinued segment (pretax) 19,850 j. gain on insurance recovery of tornado damage 30,720 k. Net sales 1,014,500 l. Depreciation expenseBuildings 53,600 m. Cor of overstate prior yr's sales pretax) 17,600 n. gain on sale of discontinued segment's assets (pretax) 42,000 o. Loss from settlement of lawsuit 25,350 p. Income tax expense ? q. Cost of goods sold 498,500 2a. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income tax expense? 2c. What is the amount of income from continuing operations
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