In the previous year, a firm failed to record premium amortization of $40,400 and $29,600,...
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Accounting
In the previous year, a firm failed to record premium amortization of $40,400 and $29,600, respectively, on its bonds payable and held to maturity bond investments. These errors affect both income before tax and taxable income. The firm's tax rate is 40%. As a result of this error, net income was:
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