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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 ......................$(70,000)
Extraordinary loss due to earthquake.......(90,000)
Income from continuing operations (net of tax).....................................................72,000
Cumulative effect of change in accounting principle................................................60,000
Maynard’s net income for the year is