The extraordinary loss resulted from the destruction of an

Reference no: EM13599639

Atlantic Airlines operated both an airline and several motels located near airports. During the year just ended, all motel operations were discontinued and the following operating results were reported:

Continuing operations(airline):

Net Sales $57,000,000
Costs and expenses (including income taxes on continuing operations) $43,300,000

Other data:

Operating income from motels (net of income tax) $820,000
Gain on sale of motels (net of income tax) $4,956,000
Extraordinary loss (net of income tax benefit) $3,360,000

The extraordinary loss resulted from the destruction of an airliner by an earthquake. Atlantic Airlines had 1,000,000 shares of capital stock outstanding throughout the year.

Reference no: EM13599639

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