Company T has the following information regarding the years 19A-19D:

Company T has the following information regarding the years 19A–19D:

 

?

Income Before Tax

Tax Rate

Tax Paid

19A

7,000

0.20

$1,400

19B

9,000

0.25

2,250

19C

(20,000)

0.30

0

19D

12,000

0.35

?

(1) How much of a refund will Company T get due to its $20,000 loss in 19C?

(2) What entry should be made for this refund?

(3) How much of a carryforward will Company T have for 19D?

(4) How much actual tax must be paid in 19D?

 

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