The following accounts are extracted from the worksheet of X Company on December 31, 2020: Income frem eontinuing operati ons after taxes: $2,000,000 • During the year, the company suffered from abnormal and infrequent hurricane damages that had resulted in a $60.000 pretax loss • During the year also, the company stopped the activities of its REW segment which had resulted in a pretax operating loss of $100,000 and a net of tax loss on di sposal $20,000 Tax Rate was 30%

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following accounts are extracted from the worksheet of X Company on
December 31, 2020:
Income frem eentinuing operations after taxes: $2,000,000
• During the year, the company suffered from abnonmal and infrequent
hurricane damages that had resulted in a $60,000 pretax loss
During the yeaI also, the company stopped the activities of its REW
segment which had resulted in a pretax operating loss of S100,000 and
a net of tax loss on di sposal $20,000
Tax Rate was 30%
Transcribed Image Text:The following accounts are extracted from the worksheet of X Company on December 31, 2020: Income frem eentinuing operations after taxes: $2,000,000 • During the year, the company suffered from abnonmal and infrequent hurricane damages that had resulted in a $60,000 pretax loss During the yeaI also, the company stopped the activities of its REW segment which had resulted in a pretax operating loss of S100,000 and a net of tax loss on di sposal $20,000 Tax Rate was 30%
Based on the data above, the net extraordinary loss was:
$60,000
O $42,000
$18,000
None of the above
Transcribed Image Text:Based on the data above, the net extraordinary loss was: $60,000 O $42,000 $18,000 None of the above
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