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 2010 the firm incurred a loss of $750,000. The firm will claim a tax credit at the time it files its 2010 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. Prior Years 2008 2009 Profit earned $ $ Carry-back credit $ $ Adjusted profit $ $ Tax previously paid (35%) $ $ Tax refund: Taxes previously paid $ $ Total check from U.S. Treasury $ Firm's tax liability 2011: $ 2012: $ 2013: $ 2014: $ 2015: $