1. On October 2,20x4, Duck corporation borrowed 150,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. the note is payable in pounds. Exchange rates for pounds are: October 2,20x4 $1.60; December 31,20x4 $1.62; October 2,20x5 1.56.

What is the final amount of the loan payable that Duck showed on its books, in dollars, just before it repaid the loan?

2. Operating income and tax rates for C.J Company's first three years of operations were as follows:

	income	Enacted Tax Rates
2010	$100,000	35%
2011	($250,000)	30%
2012	$420,000	40%

Assuming that CJ Company opts to carryback its 2011 NOL, what is the amount of income tax payable at December 31, 2012?