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The tax savings from a business expense are $42,000 for a corporation with a 35% tax rate. What is the pre-tax cost of this expense? (a) $120,000 (b) $147,000 (c) $15,000 (d) $77,000

The tax savings from a business expense are $42,000 for a corporation with a 35% tax rate. What is the pre-tax cost of this expense? (a) $120,000 (b) $147,000 (c) $15,000 (d) $77,000

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter6: Accounting For Financial Management
Section: Chapter Questions
Problem 3P
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The tax savings from a business expense are $42,000 for a corporation with a 35% tax rate. What is the pre-tax cost of this expense? (a) $120,000 (b) $147,000 (c) $15,000 (d) $77,000
Transcribed Image Text:The tax savings from a business expense are $42,000 for a corporation with a 35% tax rate. What is the pre-tax cost of this expense? (a) $120,000 (b) $147,000 (c) $15,000 (d) $77,000
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