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Prepare extraordinary item portion of financial statement

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Reference no: EM132839597

Question - First Bank recognized an extraordinary loss from the settlement of a lawsuit with Fifth Street Bank that it had impeded on a processing patent. The extraordinary loss was in the amount of $4,250,000 and First Bank Corporation has an effective tax rate of 35%. First Bank paid the settlement immediately and recognized the tax benefit as a receivable to offset the current period's taxes. Prepare the extraordinary item portion of First Bank Corporation's financial statement.

Reference no: EM132839597

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