The Bookbinder Company has made $100,000 before taxes during each of the last 15 years, and it expects to make $100,000 a year before taxes in the future. However, in 2015 the firm incurred a loss of $650,000. The firm will claim a tax credit at the time it files its 2015 income tax return, and it will receive a check from the U.S. Treasury. Show how it calculates this credit, and then indicate the firm's tax liability for each of the next 5 years. Assume a 40% tax rate on all income to ease the calculations. Enter your answers as positive values. If an amount is zero, enter "0".

Prior Years	2013	2014
Profit earned	$	$
Carry-back credit	$	$
Adjusted profit	$	$
Tax previously paid (40%)	$	$
Tax refund: Taxes previously paid	$	$

Total check from U.S. Treasury $

Firm's tax liability 2016: $ 2017: $ 2018: $ 2019: $