Lopez Corporation has a tax rate of 20 percent and income before non-operating items of...
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Lopez Corporation has a tax rate of 20 percent and income before non-operating items of $1,392,000. It also has the following items (gross amounts). Unusual loss $222,000 Loss from discontinued operations (net of taxes) $606,000 Gain on disposal of equipment $48,000 Change in accounting principle increasing prior year's income $318,000 What is the amount of income tax expense Lopez Corporation would report on its income statement? Select one: a. $278,400 b. $186,000 c. $243,600 d. $297,600
Lopez Corporation has a tax rate of 20 percent and income before non-operating items of $1,392,000. It also has the following items (gross amounts).
Unusual loss $222,000
Loss from discontinued operations (net of taxes) $606,000
Gain on disposal of equipment $48,000
Change in accounting principle increasing prior year's income $318,000
What is the amount of income tax expense Lopez Corporation would report on its income statement?
Select one:
a. $278,400
b. $186,000
c. $243,600
d. $297,600
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