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Microdoze Company's pretax accounting income and taxable income always are the same. Microdoze had $5,000 of taxable income in 2019, when its enacted tax rate
Microdoze Company's pretax accounting income and taxable income always are the same. Microdoze had $5,000 of taxable income in 2019, when its enacted tax rate was 30%. It had a S16,000 taxable loss in 2020 when its enacted tax rate was 20%. It knows for certain that, from 2021-2050, its taxable income will be $500 per year. As of now, it knows that congress is debating whether to pass a law that would increase tax rates to 21% for 2021 and future years. However, no new laws have been passed, so there are not any new enacted tax rates. Required: a. What is Microdoze's reported net income or loss after tax) in 2019? Provide a dollar amount and, if non-zero, indicate net income or net loss, Net Income Net Loss b. What is Microdoze's reported net income or loss (after tax) in 2020? Provide a dollar amount and, if non-zero, indicate net income or net loss, _Net Income Net Loss c. What is Microdoze's reported net income or loss after tax) in 2037 assuming that the proposed law to increase the tax rate was never passed? Provide a dollar amount and, if non-zero, indicate net income or net loss. $_ Net Income Net Loss
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