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Class Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Class had $60,000 in cash-basis pretax income for Year 2. The following information pertains to Class's operations for the years ended December 31, Year 2 and Year 1:
Under the accrual method, what amount of income before taxes should Class report in its December 31, Year 2, income statement?
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