QUESTION 28 (5 points) Lily Corp. reported income before taxes for its first year of business of 5892,000, including deprecation on new equipment, purchased in January, for $535,000, with no salvage value and a 5 year useful life (for tax purposes depreciation was 30% of the historical cost) warranty expense was 562,000, of which only 512,400 was paid this year (the rest will be paid next year) and unpaid fines of $25,000. What is Lily Corp.’s taxable income? (NIE 5) O $892,000 O $875,900 O $913,100 O $982,900 QUESTION 29 (5 points) Walnut Co. reported a tax loss in 2019 of $1,580,000. If the enacted tax rate for 2017 and 2018 was 20% 25% for 2019; and 24% for 2020 and thereafter, how much should Walnut Co, record as a deferred tax asset if they use their NOL as a carryback? (NIE 10) 5316,000 579,000 5395,000 5474,000
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