Answer:
87,000 dollars.
Step-by-step explanation:
For the 95,000 income we should make the following adjustment:
The extraordinary gain has a portion that correspond to fourth quarter so we should remove it:
60,000 / 3 = 20,000 per quarter
The property taxes include a portion that occurs over the fourth quarter we should remove it as well:
48,000 / 4 = 12,000
therefore the net income should be:
95,000 - 20000 + 12000 = 87,000
NOTE MISSING INFORMATION
Kell Corp.'s $95,000 net income for the quarter ended September 30, 20X5, included the following after-tax items:
A $60,000 extraordinary gain, realized on April 30, 20X5, was allocated equally to the second, third, and fourth quarters of 20X5.
A $16,000 cumulative-effect loss resulting from a change in inventory method was recognized on August 2, 20X5.
In addition, Kell paid $48,000 on February 1, 20X5, for 20X5 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 20X5.