Check My Work 6-3: The Income Statement Problem 6-13 Loss Carryback and Carryforward The Bookbinder Company has made $250,000 before taxes during each of the last 15 years, and it expects to make $250,000 a year before taxes in the future. However, in 2015 the firm incurred a loss of $675,000. The firm will claim a tax credit at the time it files its 2015 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 40% tax rate on al Income to ease the calculations. Enter your answers as positive values. If an amount is zero, enter "O". a. 2013 2014 $ 25000 $ 25000 $ 25000 $ 25000 Prior Years Profit earned Carry-back credit Adjusted profit Tax previously paid (40%) Tax refund: Taxes previously paid $ 0 $ $ 100006 $ 100006 $ 100006 $ 10000 Total check from U.S. Treasury b. Firm's tax liability 2016: $ 2017: $ 2018: $ 2019: $ 2020: $ Show All