21. Mason Inc. reports a taxable and financial loss of $1,300,000 for 2008. Its pretax...
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21. Mason Inc. reports a taxable and financial loss of $1,300,000 for 2008. Its pretax financial income for the last two years was as follows: 2006 $600,000 2007 800,000 Assuming that Mason Inc. uses the carryforward provisions and that the tax rate is 25% for 2008 and 30% for all future periods affected, the amount that it reports as a net loss for financial reporting purposes in 2008 is $1,300,000 loss. $910,000 loss. $- $390,000 loss
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