Before considering a net operating loss carryforward of $87 million, fama corporation reported $130 million of pretax accounting and taxable income in the current year. the income tax rate for all previous years was 36%. on january 1 of the current year, a new tax law was enacted, reducing the rate to 28% effective immediately. fama's income tax payable for the current year would be:

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: