2 Problem 18 02 eBook Problem 18 02 Over the last five years, corporation A has been consistently profitable Its earnings before taxes were as follows Year 1 2 3 4 5 Earnings $1,000 $2,900 $4,200 $5,400 $4,500 If the corporate tax rate was 26 percent, what were the firm's income taxes for each year Round your answers to the nearest dollar Year 1 2 3 4 5 Taxes $ $ $ $ $ Unfortunately, in year 6 the firm experienced a major decline in sales, which resulted in a loss of $11,200 What impact will the loss have on the firm's taxes for each year if the permitted carry back is two years If the answer is zero, enter 0 Round your answers to the nearest dollar Year 1 2 3 4 5 New Taxes $ $ $ $ $ Total tax refund $

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Question: 2. Problem 18-02 eBook Problem 18-02 Over the last five years, corporation A has been consistently profitable. Its earnings before taxes were as follows: Year

2. Problem 18-02

eBook

Problem 18-02

Over the last five years, corporation A has been consistently profitable. Its earnings before taxes were as follows:

Year	1	2	3	4	5
Earnings	$1,000	$2,900	$4,200	$5,400	$4,500

If the corporate tax rate was 26 percent, what were the firm's income taxes for each year? Round your answers to the nearest dollar.

Year	1	2	3	4	5
Taxes	$	$	$	$	$

Unfortunately, in year 6 the firm experienced a major decline in sales, which resulted in a loss of $11,200. What impact will the loss have on the firm's taxes for each year if the permitted carry-back is two years? If the answer is zero, enter "0". Round your answers to the nearest dollar.

Year	1	2	3	4	5
New Taxes	$	$	$	$	$

Total tax refund: $

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