In its 1997 financial report Meeks Company reported $850,000 under the line item Extraordinary losses on the

Question:

In its 1997 financial report Meeks Company reported $850,000 under the line item “Extraordinary losses” on the income statement. The company’s tax rate is 35 percent. The footnote pertaining to extraordinary losses indicates that the $850,000 loss, before tax, is com¬ prised of the following items.

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