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Question - Amy and Hobbes are married and file a joint return. Their three children are 7,9, and 18 years old. Their modified AGI is $58,000., and their tax liability on Form 1040, line 11 is $3,702. They have no other tax credits for the tax year. What is the amount of their child tax credit/credit for other dependents on Form 1040, line 12a?
A) $6,000
B) $4,000
C) $3,702
D) $4,500
On December 31, 2023, Oil Products pays a demolition firm to dismantle. Prepare the journal entry for the settlement of the asset retirement obligation.
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