Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018 8,250 2019 25,750 Total carryovers $63,000 The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Year Amount of Carryover Utilized 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021?

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A: SolutionYearAccount Titles and ExplanationDebit($)Credit($)2017Current tax expenseIncome tax payable…

Q: Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year…

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

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.