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Question - In 2020 Power Corp has Gross Profit of $660,000 and Operating Expenses of $480,000. They received $66,000 of dividend income from Alpha, Inc., a corporation in which they own 25% of the stock. They have an NOL carryover from 2016 of $97,000 and made charitable contributions of $58,000. Power has elected to take the 25% charitable contribution limitation and carry over any unused deductions. There are 2 parts to this question. SHOW YOUR WORK
Required -
Provide the taxable income and tax liability of Power for 2021.
Provide the character and amount of any tax carryovers from 2021.
Calculate the amount that must be invested at the end of each year at 10.8% compounded annually in order to accumulate $680,000
Using the high-low method to develop a cost estimating equation, the estimate of needed manufacturing supplies for July
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Prepare the following journal entries (assuming no GST): Journal entries on 1 July 2017 for the revaluation of the equipment
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