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Business, 14.04.2020 22:54 cbawesome8

Operating income and tax rates for C. J. Company’s first three years of operations were as follows:

Income _ Enacted tax rate
2020 $400,000 25%
2021 ($1,000,000) 20%
2022 $1,680,000 30%

Assuming that C. J. Company opts to carryback its 2021 NOL, what is the amount of income taxes payable at December 31, 2022?

a. $204,000
b. $504,000
c. $384,000
d. $324,000

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Answers: 2

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