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Calculate kline''s intraperiod income tax expense

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Reference no: EM13868805

Kline Company has the following items of pretax financial (and taxable) income for the current year:

Income from continuing operations .......... $100,000

Gain on disposal of discontinued Division B ...... 23,000

Loss from operations of discontinued Division B ..... (11,000)

The company is subject to income tax rates of 30% on the first $40,000 of income and 35% on all income in excess of $40,000. Prepare a schedule to calculate Kline's intraperiod income tax expense (and credit) amounts.

Reference no: EM13868805

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