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Over the last five years, corporation A has been consistently profitable. Its earnings before taxes were as follows: Year Earnings $1,200 $3,400 $4,400 $5,000 $4,400
Over the last five years, corporation A has been consistently profitable. Its earnings before taxes were as follows: Year Earnings $1,200 $3,400 $4,400 $5,000 $4,400 a. If the corporate tax rate was 28 percent, what were the firm's income taxes for each year? Round your answers to the nearest dollar Year Taxes b. Unfortunately, in year 6 the firm experienced a major decline in sales, which resulted in a loss of $11,200. What impact will the loss have on the firms taxes for each year if the permitted carry back is two years? If the answer is zero entero Round your answers to the nearest dollar Year New Taxes Total tax refund: $
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