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The company is subject to a tax rate of 40 the transaction

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Reference no: EM13567728

If a transaction gives rise to an extraordinary loss of $100,000 and the company is subject to a tax rate of 40%, the transaction should be reported in the income statement at the net-of-tax amount of:

  1. $140,000.
  2. $100,000.
  3. $60,000.
  4. $40,000.

Reference no: EM13567728

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