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Tommy Corp.'s adjusted trial balance at December 31, 2020 included the following: Sales........... Cost of goods sold... Administrative expenses.. Loss on sale of equipment.
Tommy Corp.'s adjusted trial balance at December 31, 2020 included the following: Sales........... Cost of goods sold... Administrative expenses.. Loss on sale of equipment. Sales commissions.. Interest revenue....... Loss of warehouse due to flood... Loss from operation of discontinued division. Dividends........... Loss from asset write-down in discontinued division Bad debt expense. Totals Debit Credit $170,000 $ 70,000 28,000 11,000 9,000 6,000 15,000 20,000 2,000 4,000 5,000 $164,000 $176,000 Tommy uses the perpetual system, and their income tax rate is 30%. On Tommy's multiple-step income statement for 2020, income from discontinued operations is $10,500 loss. $16,800 loss. $24,000 loss. $24,500 loss. none of the above
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