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AICPA Exam CPA-Financial Topic 2 Question 70 Discussion
Actual exam question for
AICPA's
CPA-Financial exam
Question #: 70
Topic #: 2
[All CPA-Financial Questions]
Topic #: 2
On June 30, 1991, Mill Corp. incurred a $100,000 net loss from disposal of a component of a business. Also, on June 30, 1991, Mill paid $40,000 for property taxes assessed for the calendar year 1991. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 1991?
Suggested Answer:
B
Choice 'b' is correct. $120,000 expense included in the determination of net income or loss for the sixmonth interim period ended June 30, 1991.
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