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Over the last five years, corporation A has been consistently profitable. Its earnings before taxes were as follows: Year 1 2 3 4 5 Earnings

Over the last five years, corporation A has been consistently profitable. Its earnings before taxes were as follows:

Year 1 2 3 4 5
Earnings $1,400 $3,200 $4,400 $5,000 $4,200

A. If the corporate tax rate was 29 percent, what were the firm's income taxes for each year? Round your answers to the nearest dollar.

Year 1 2 3 4 5
Taxes $ $ $ $ $

B. Unfortunately, in year 6 the firm experienced a major decline in sales, which resulted in a loss of $11,900. What impact will the loss have on the firm's taxes for each year if the permitted carry-back is two years? If the answer is zero, enter "0". Round your answers to the nearest dollar.

Year 1 2 3 4 5
New Taxes $ $ $ $ $

Total tax refund: $

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