Question: Assume that Sharp operates in an industry for which NOL carryback is allowed. In Its first three years of operations Sharp reported the following operating


Assume that Sharp operates in an industry for which NOL carryback is allowed. In Its first three years of operations Sharp reported the following operating Income (loss) amounts. 2019 2020 2021 $ 1,350,000 (3,150,000) 5,400,000 There were no deferred Income taxes in any year. In 2020, Sharp elected to carry back its operating loss. The enacted Income tax rate was 25% in 2019 and 30% thereafter. In its 2021 balance sheet, what amount should Sharp report as current income tax payable? Multiple Choice $900,000. O $1.260.000. O $1,080.000. $2160.000. O
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