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Your firm has the following income statement items: sales of $50,250,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold of $35,025,000; and interest expense of $750,000. What is the amount of the firm’s income before tax?
A. $4,360,000
B. $750,000
C. $10,865,000
D. $25,115,000
Illustrate what is the rationale of the GASB for requiring two sets of financial statements, each with a different measurement focus and basis of accounting for governmental activities?
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At December 31, 2004, the balance in the investment account should be $810,000. Illustrate what formula/steps do I take to get $810,000?
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