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The following information was taken from the records of Concord Inc. for the year 2020: Income tax applicable to income from continuing operations $164,560; income

The following information was taken from the records of Concord Inc. for the year 2020: Income tax applicable to income from continuing operations $164,560; income tax applicable to loss on discontinued operations $22,440, and unrealized holding gain on available-for-sale securities (net of tax) $13,200.

Gain on sale of equipment $83,600 Cash dividends declared $132,000
Loss on discontinued operations 66,000 Retained earnings January 1, 2020 960,000
Administrative expenses 211,200 Cost of goods sold 748,000
Rent revenue 35,200 Selling expenses 264,000
Loss on write-down of inventory 52,800 Sales Revenue 1,672,000

Shares outstanding during 2020 were 100,000.

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Question 3 of 3 - / 8 III Total Expenses . Income From Continuing Operations Discontinued Operations Income Tax + : Discontinued Operations Loss on Discontinued Operations Less Applicable Income Tax Reduction Net Income /(Loss) Question 3 of 3 - / 8 III Total Expenses . Income From Continuing Operations Discontinued Operations Income Tax + : Discontinued Operations Loss on Discontinued Operations Less Applicable Income Tax Reduction Net Income /(Loss) Question 3 of 3 - / 8 111 . Discontinued Operations Loss on Discontinued Operations + Less :: Applicable Income Tax Reduction + Net Income /(Loss) + Per Share of Common Slock Income From Continuing Operations + $ Loss on Discontinued Operations, Net of Tax Net Income /(Loss) + e Textbook and Media

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