Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? 14,080 X Feedback BILL much suedit sould they claim if th entie mush finalised?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 7-22
Adoption Expenses (LO 7.7)
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021.
They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of
$150,000.
If an amount is zero, enter "0".
If required, carry any division out to four decimal places and round final answers to the nearest dollar.
a. What is the adoption credit Carl and Jenny can claim in 2021?
14,080 x
Feedback
b. How much credit could they claim if the adoption falls through and is never finalized?
Feedback
c. How much credit could they claim if their AGI was $221,660?
Transcribed Image Text:Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? 14,080 x Feedback b. How much credit could they claim if the adoption falls through and is never finalized? Feedback c. How much credit could they claim if their AGI was $221,660?
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