The Bookbinder Company has made $150,000 before taxes during each of the last 15 years, and it expects to make $150,000 a year before taxes in the future. However, in 2013 the firm incurred a loss of $525,000. The firm will claim a tax credit at the time it files its 2013 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 35% tax rate on all income to ease the calculations. Enter your answers as positive values. If an amount is zero, enter "0".

Prior Year Profit earned Carry-back credit Adjusted profit Tax previously paid (35%) Tax refund: Taxes previously paid 2011 2012 Total check from U.S. Treasury $ b. Firm's tax liability 2014: $ 2015: $ 2016: $ 2017: $ 2018: $