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Prepare the final section of fellup income statement

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Question - Fellups, Inc., had net income for the year just ended of $75,000, without considering the following item or its tax effects. During the year, a tornado damaged one of the company's warehouses and its contents. Tornado damage is quite rare in Fellup's location. The estimated amount of the loss from the tornado is $100,000 and the related tax effect is 40 percent. Prepare the final section of Fellup's income statement, beginning with income before extraordinary items.

Reference no: EM131829559

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