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Assume that Peridot operates in an industry for which NOL. carryback is allowed In its first four years of operations Peridot reported the following
Assume that Peridot operates in an industry for which NOL. carryback is allowed In its first four years of operations Peridot reported the following operating income (loss) amounts: 2018 2019 2020 2021 $150,000 100,000 (425,000) 450,000 There were no other items affecting deferred income taxes in any year. In 2020, Peridot elected to carry its operating loss. The enacted income tax rate was 25%. In its 2021 income statement, what amount should Peridot report as income tax PAYABLE? A. $110,000. B. $112,500. C. $68,750. D. $80,000. A, $110,000. B. $112,500 C. $68,750 D. $112,500 back
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