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Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives revenues with a present value of $1,330 and incurs costs with a present value of $1,000. Cast Iron's costs have increased from $1,000 to $1,180. Assuming that there is no possibility of repeat orders and that the probability of successful collection from the customer is p = 0.95, answer the following.
Question 1: What is the expected profit of granting credit? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.)
Question 2: Should Cast Iron grant or refuse credit?
Question 3: What is the break-even probability of collection? (Enter your answer as a percent rounded to 1 decimal place.)
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Give Journal entries for the following:
For the year ended December 31, Year 6, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows: Taxable Income: Year 1 $ 5,0..
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