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3. Given the following data, how much tax would be reported under the taxes payable method for fiscal 2016?

	F2017	F2016	F2015
Income before tax	120,000	110,000	120,000
Taxable income	85,000	95,000	105,000
Tax rate	30%	25%	20%

a. 19,000.

b. 21,000.

c. 22,000.

d. 23,750.

4. A company had taxable income of $12,000,000 in fiscal 2013 and paid taxes of 4,680,000; the company incurred a loss of $7,000,000 in fiscal 2015 when the tax rate is 50%. How much refund is the company entitled to in 2015?

a. $2,730,000.

b. $2,800,000.

c. $3,500,000.

d. $4,800,000.

5. A company had taxable income of $1,000,000 in fiscal 2014 and paid taxes of $300,000; the company incurred a loss of $7,000,000 in fiscal 2015 when the tax rate is 40%. How much of a refund is the company entitled to in 2015?

a. $0.

b. $300,000.

c. $400,000.

d. $2,800,000.