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Blossom Inc. reported a taxable and accounting loss of $1.36800 for 2023. Its pre-tax accounting income for the preceding two years was as follows: 2021 $63400 2022 83400 Assuming that management wants to use the losses to carryback and recover previous income taxes paid, how much will Blossom receive as a refund based on a 25% tax rate for all years involved? O$34200 O $36700 O$20850 O $136800

Blossom Inc. reported a taxable and accounting loss of $1.36800 for 2023. Its pre-tax accounting income for the preceding two years was as follows: 2021 $63400 2022 83400 Assuming that management wants to use the losses to carryback and recover previous income taxes paid, how much will Blossom receive as a refund based on a 25% tax rate for all years involved? O$34200 O $36700 O$20850 O $136800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Inc. reported a taxable and accounting loss of $136800 for 2023. Its pre-tax accounting income for the preceding two years was as follows: 2021 $63400 2022 83400 Assuming that management wants to use the losses to carryback and recover previous income taxes paid, how much will Blossom receive as a refund based on a 25% tax rate for all years involved? O $34200 O $36700 O $20850 O $136800
Transcribed Image Text:Blossom Inc. reported a taxable and accounting loss of $136800 for 2023. Its pre-tax accounting income for the preceding two years was as follows: 2021 $63400 2022 83400 Assuming that management wants to use the losses to carryback and recover previous income taxes paid, how much will Blossom receive as a refund based on a 25% tax rate for all years involved? O $34200 O $36700 O $20850 O $136800
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