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CoursHeroTranscribedText: A company has the following income, expense, and loss business activities for the current...

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Accounting

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CoursHeroTranscribedText: A company has the following income, expense, and loss business activities for the current year. Sales: $850,000 Tax exempt interests: $40,000 Long-term capital gain: $85,000 Short-term capital loss: $35,000 Passive activity loss: $20,000 Costs of goods sold: $480,000 Depreciation: $40,000 Section 179 expense: $50,000 Other operating expenses: $200,000 . Net operating loss (from previous year): $24,000

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