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Artiga Corp. provides the following information for the year 20X2: Particulars Income before non-operating items Unusal Loss Extraordinary Loss Gain on disposal of equipment Increase in prior years's income due to change in accounting estimates Tax Rate Values $352,000 $45,600 $103,000 $17,500 $62,000 30% Determine the amount of tax expense Artiga would report on its income statement. a. $105,600 b. $97,170 c. $91,920 d. $110.520

Artiga Corp. provides the following information for the year 20X2: Particulars Income before non-operating items Unusal Loss Extraordinary Loss Gain on disposal of equipment Increase in prior years's income due to change in accounting estimates Tax Rate Values $352,000 $45,600 $103,000 $17,500 $62,000 30% Determine the amount of tax expense Artiga would report on its income statement. a. $105,600 b. $97,170 c. $91,920 d. $110.520

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Artiga Corp. provides the following information for the year 20X2: Values $352,000 $45,600 Extraordinary Loss $103,000 Gain on disposal of equipment $17,500 Increase in prior years's income due to change in accounting estimates $62,000 Tax Rate 30% Particulars Income before non-operating items Unusal Loss Determine the amount of tax expense Artiga would report on its income statement. a. $105,600 b. $97,170 c. $91,920 d. $110,520
Transcribed Image Text:Artiga Corp. provides the following information for the year 20X2: Values $352,000 $45,600 Extraordinary Loss $103,000 Gain on disposal of equipment $17,500 Increase in prior years's income due to change in accounting estimates $62,000 Tax Rate 30% Particulars Income before non-operating items Unusal Loss Determine the amount of tax expense Artiga would report on its income statement. a. $105,600 b. $97,170 c. $91,920 d. $110,520
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