Question: Problem 11-07 (Static) [LO 11-2] In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable

Problem 11-07 (Static) [LO 11-2] In its first year (2021), Barsky Corporation

Problem 11-07 (Static) [LO 11-2] In its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year. Allowable charitable contribution deduction Final taxable income Amount b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year. Allowable charitable contribution deduction Final taxable income Amount

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