Business, 08.10.2019 23:30 jayloy4724

The following information pertains to maynard corporation’s income statement for the 12 months just ended. the company has an effective income tax rate of 40%.
discontinued operations $(70,000)
extraordinary loss due to earthquake (90,000)
income from continuing operations (net of tax) 72,000
cumulative effect of change in accounting principle 60,000
maynard’s net income for the year is

a. $8,000
b. $(24,000)
c. $12,000
d. $36,000

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