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JasNav Ltd., a publicly accountable company, prepared the following income statement:
JasNav Ltd.
Income Statement
For the year ended December 31, 20x5
Revenues
$1,210,000
Cost of goods sold
730,000
Gross profit
480,000
Expenses
Depreciation
$25,000
Advertising
35,000
Warranty expense
85,000
Other
115,000
260,000
Net income before income taxes
$220,000
Additional information:
Required:
Calculate the impact of income taxes on the Statement of Financial Position and income statement of JasNav Ltd. for the year 20x5.
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