Solution-Proper accounting suggests that the unusual gain

Proper accounting suggests that the unusual gain

Reference no: EM13553708

During 2012, Liselotte Company earned income of $1,500,000 before income taxes and realized a gain of $450,000 on a government-forced condemnation sale of a division plant facility. The income is subject to income taxation at the rate of 34%. The gain on the sale of the plant is taxed at 30%. Proper accounting suggests that the unusual gain be reported as an extraordinary item. Illustrate an appropriate presentation of these items in the income statement.

Reference no: EM13553708

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Proper accounting suggests that the unusual gain

Reference no: EM13553708

Reference no: EM13553708

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