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Provincial Inc. reported the following before-tax income statement items: Operating income
$500,000 Extraordinary loss 94,000 Extraordinary gain 44,000 Provincial has a 25% income tax
rate. Provincial would report the following amount of income tax expense as a separate item in
the income statement: $23,500. $11,000. $125,000. $112,500.
Solution

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Provincial Inc. reported the following before-tax income statement i.pdf

  • 1. Provincial Inc. reported the following before-tax income statement items: Operating income $500,000 Extraordinary loss 94,000 Extraordinary gain 44,000 Provincial has a 25% income tax rate. Provincial would report the following amount of income tax expense as a separate item in the income statement: $23,500. $11,000. $125,000. $112,500. Solution