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Palomo Corp Has a Tax Rate of 30 Percent and Income

Question 72

Multiple Choice

Palomo Corp has a tax rate of 30 percent and income before non-operating items of $1,071,000. It also has the following items (gross amounts) . Palomo Corp has a tax rate of 30 percent and income before non-operating items of $1,071,000. It also has the following items (gross amounts) . What is the amount of income tax expense Palomo would report on its income statement? A) $347,400 B) $182,700 C) $249,300 D) $326,700 What is the amount of income tax expense Palomo would report on its income statement?


A) $347,400
B) $182,700
C) $249,300
D) $326,700

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