Oriole Corporation reported the following results for its first three years of operation: 2020 income (before income taxes)   $ 330000   2021 loss (before income taxes)   ( 3000000 ) 2022 income (before income taxes)   3300000   There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2020 and 2021, and 30% for 2022. Assuming that Oriole elects to use the carryforward provision and not the carryback provision, what income (loss) is reported in 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Oriole Corporation reported the following results for its first three years of operation:

2020 income (before income taxes)   $ 330000  
2021 loss (before income taxes)   ( 3000000 )
2022 income (before income taxes)   3300000  


There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2020 and 2021, and 30% for 2022.

Assuming that Oriole elects to use the carryforward provision and not the carryback provision, what income (loss) is reported in 2021?

$ 0
$( 2934000)
$( 2100000)
$( 3000000)
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