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Garner Grocers began operations in 2005. Garner has reported the following levels of taxable income (EBT) over the past several years. The corporate tax rate was 34% each year. Assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions, and assume that the current provisions were applicable in 2005. What is the amount of taxes the company paid in 2008?
Year Taxable Income
2005 -$3,200,000
2006 $200,000
2007 $500,000
2008 $2,800,00
a. $92,055
b. $96,900
c. $102,000
d. $107,100
e. $112,455
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