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Question - Compute the present value of the following single amounts to be received at the end of the specified period at the given interest rate. Use the tables in your text.
Item
Value at Expiration
Interest Rate
Number of Periods
a
$40,000
7%
20
b
$20,000
6%
25
c
$50,000
11%
10
ABC, Inc. earned before-tax income of $540,000 for its 2019 fiscal year. During the year the company experienced a $130,000 loss resulting from the sale of a discontinued component. The lost is not included in the $540,000 income figure. The company's income tax rate is 40%.
Required -
1. Prepare a partial 2019 income statement for ABC starting with income before tax and any separately reported items.
2. Repeat requirement 1 assuming that ABC prepares its financial statements according to International Financial Reporting Standards. Explain the difference between a single step and a multi-step income statement.
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