Over the last five years, FIT Corporation has been consistently profitable. Its earnings before taxes were as follows: Year 1 2 3 4 5 Earnings $1000 3000 4300 5200 4400 Taxes Impact Net Taxes (a) If corporate tax rate was 20 percent, what were the firm's income taxes for each year? (b) Unfortunately, in Year 6 the firm experienced a major decline in sales, which resulted in a loss of $10,800. What impact will this loss have on the firm's taxes for each year if permitted to carry-back losses for two years? Over the last five years, FIT Corporation has been consistently profitable. Its earnings before taxes were as follows: Year 1 2 3 4 5 Earnings $1000 3000 4300 5200 4400 Taxes Impact Net Taxes (a) If corporate tax rate was 20 percent, what were the firm's income taxes for each year? (b) Unfortunately, in Year 6 the firm experienced a major decline in sales, which resulted in a loss of $10,800. What impact will this loss have on the firm's taxes for each year if permitted to carry-back losses for two years