Husky Co. reports operating income of $60,000 in 2019. It also realized a loss of $20,000 due to debt extinguishment in 2019. Assume Husky Co.’s income tax is 40% and it has no discontinued operations in 2019. How much net income should the company report in 2019?
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Husky Co. reports operating income of $60,000 in 2019. It also realized a loss of $20,000 due to debt extinguishment in 2019. Assume Husky Co.’s income tax is 40% and it has no discontinued operations in 2019. How much net income should the company report in 2019?
A. $40,000
B. $24,000
C. $72,000
D. $48,000
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