Oak Corporation holds the following general business credit carryovers:2016$5,000201715,00020186,000201919,000Total carryovers$45,000The Oak's general business credit generated by 2020 activities equals $36,000 and the total credit allowed during the current year is$60,000 (based on tax liability).a. Enter the amount (if any) of each year's carryover utilized in 2020.Amount ofCarryoverYearUtilized20162017201820192020b.What is the amount of any unused credits carried forward to 2021?%24

(a) The table below shows the each year carryover utilized:

Answered: Enter the amount (if any) of each…

Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year Utilized 2016 2017 2018 2019 2020 b. What is the amount of any unused credits carried forward to 2021?

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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Question

Oak Corporation holds the following general business credit carryovers:
2016
$5,000
2017
15,000
2018
6,000
2019
19,000
Total carryovers
$45,000
The Oak's general business credit generated by 2020 activities equals $36,000 and the total credit allowed during the current year is
$60,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2020.
Amount of
Carryover
Year
Utilized
2016
2017
2018
2019
2020
b.
What is the amount of any unused credits carried forward to 2021?
%24

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