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Problem 17-6AA Income statement computations and format LO A2 [The following information applies to the...

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Accounting

Problem 17-6AA Income statement computations and format LO A2 [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow. Debit Credit a. Interest revenue $ 14,600 b. Depreciation expenseEquipment. $ 34,600 c. Loss on sale of equipment 26,450 d. Accounts payable 44,600 e. Other operating expenses 107,000 f. Accumulated depreciationEquipment 72,200 g. Gain from settlement of lawsuit 44,600 h. Accumulated depreciationBuildings 175,700 i. Loss from operating a discontinued segment (pretax) 18,850 j. Gain on insurance recovery of tornado damage 29,720 k. Net sales 1,004,500 l. Depreciation expenseBuildings 52,600 m. Correction of overstatement of prior years sales (pretax) 16,600 n. Gain on sale of discontinued segments assets (pretax) 37,000 o. Loss from settlement of lawsuit 24,350 p. Income taxes expense ? q. Cost of goods sold 488,500 Problem 17-6 Part 1 Required: 1. Assume that the companys income tax rate is 30% for all items. Compute the tax effects and after-tax amounts of the three items labeled pretax.

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