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Question(s) / Instruction(s):

An inexperienced accountant for Osborn Corporation showed the following in Osborn's 2010 income statement: Income before income taxes $300,000; Income tax expense $72,000; Extraordinary loss from flood (before taxes) $60,000; and Net income $168,000. The extraordinary loss and taxable income are both subject to a 30% tax rate. Prepare a corrected income statement beginning with "Income before income taxes."

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