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Lant Company has provided the following information: • Cash sales totaled $260,000. • Credit sales totaled...

Lant Company has provided the following information: • Cash sales totaled $260,000. • Credit sales totaled $486,000. • Cash collections from customers for services yet to be provided totaled $86,000. • A $22,000 loss from the sale of property and equipment occurred. • Interest income was $8,400. • Interest expense was $18,600. • Supplies expense was $360,000. • Rent expense for the store was $36,000. • Wages expense was $46,000. • Other operating expenses totaled $76,000. • Unearned revenue was $3,300. What is the amount of Lant’s income before income taxes?

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Operating revenues ( $260,000 + $486,000) $     746,000
Operating expenses   ($360,000 + $36,000 + $46,000 + $76,000) $     518,000
Operating income before income ( $746,000 - $518,000 + $8400 -22000 - $18600) $     195,800
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