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The following information was extracted from the 2020 financial statements of Ivanhoe Company: Income from continuing operations before income tax$703000 Selling and administrative expenses470500 Income

The following information was extracted from the 2020 financial statements of Ivanhoe Company:

Income from continuing operations before income tax$703000

Selling and administrative expenses470500

Income from continuing operations503500

Gross profit1355000

Assuming that there are no other revenues and gains, amount reported for other expenses and losses is

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