Multiple Choice
Modern Detailing,Inc.has incurred a $50,000 loss on property due to an earthquake.Earthquakes are rare in this region.What amount will be reported for this loss on the company's income statement,assuming a 30% tax rate? How will the loss be classified on the income statement?
A) Other Losses,$50,000
B) Extraordinary Loss,$35,000
C) Extraordinary Loss,$15,000
D) Other Losses,$35,000
Correct Answer:
Verified
Correct Answer:
Verified
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