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In the recent year, Pine Corporation had net income of $600,000, interest expense of $120,000, and a times interest earned ratio of 8. What was Pine Corporation's income before taxes for the year? A) $840,000 B) $1,000,000 C) $1,200,000 D) $1,440,000

In the recent year, Pine Corporation had net income of $600,000, interest expense of $120,000, and a times interest earned ratio of 8. What was Pine Corporation's income before taxes for the year? A) $840,000 B) $1,000,000 C) $1,200,000 D) $1,440,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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In the recent year, Pine Corporation had net income of $600,000, interest expense of $120,000, and a times interest earned ratio of 8. What was Pine Corporation's income before taxes for the year? A) $840,000 B) $1,000,000 C) $1,200,000 D) $1,440,000
Transcribed Image Text:In the recent year, Pine Corporation had net income of $600,000, interest expense of $120,000, and a times interest earned ratio of 8. What was Pine Corporation's income before taxes for the year? A) $840,000 B) $1,000,000 C) $1,200,000 D) $1,440,000
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