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 $70,000Extraordinary loss due to earthquake 90,000Income from continuing operations (net of tax) 72,000Cumulative effect of change in accounting principle 60,000Maynard's net income for the year is:A. $8,000B. $24,000C. $12,000D. $36,000
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