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Ross Corp.'s first year of operations was 20X2. Income for the following five years is reported below. There are no temporary or permanent differences during these five years. Ross's policy regarding the application of carryback losses is to maximize the recovery of past taxes paid.
Year Accounting and taxable income (loss) Tax rate
20X3 $200,000 40%
20X4 $192,000 45%
20X5 $210,000 35%
20X6 $185,000 40%
20X7 ($475,000) 30%
Problem 1: What amount should Ross record for the income tax expense (recovery) for the year 20X7?
a) $183,500
b) $189,100
c) $194,700
d) $195,450
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