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NEW QUESTION: 1
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?
A. $140,000
B. $70,000
C. $120,000
D. $90,000
Answer: C
Explanation:
Choice "b" is correct. $120,000 expense included in the determination of net income or loss for the six
month interim period ended June 30, 1991.



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