QUESTION 28 (5 points) Lily Corp. reported income before taxes for its first year of business…

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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