Gray Corporation (a calendar year corporation) reports the following information. Compute Gray's ACE adjustment for each year.

Question:

Gray (a calendar year reports the following information. Compute Gray's ACE adjustment for each year.
2012 2013 2014
Unadjusted AMTI.....................$3,000.........$2,000.........$5,000
Adjusted current earnings..............4,000...........3,000............2,000
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...