Question 4:

Newton Farm: 200,000 for financial reporting and tax purposes in 2019. The enacted tax rate is 25%. Taxable income and tax rates in Newton's first two years of operation were as follows: Assuming NOL carryback is allowed for companies up to 2 years, the amount of income tax benefit reported on the income statement for the year ended December 31,2019 would be: $120,000$100,000$90,000$75,000