Missoula Corporation disposed of one of its segments in the second quarter and incurred a gain from disposal of discontinued segment of $600,000, net of taxes. What is the effect of this gain from disposal of discontinued segment?
A. Increase net income from operations for the year by $600,000.
B. Increase each quarter's net income by $150,000.
C. Increase second quarter net income by $600,000.
D. Increase each of the last three quarters' net income by $200,000.
Answer: C
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Indicate whether the statement is true or false.
The following information is from the 2019 records of Fast Lane Racing Gear:
Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $9000 of accounts receivable will be uncollectible. Calculate the ending balance of Allowance for Bad Debts, after the adjustment for bad debts expense, at December 31, 2019.
A) $5250
B) $13,000
C) $8000
D) $9000
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