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course_id80427_1&content_id = 1690746_1&step=nus Remaining Time: 9 minutes, 38 seconds. Question Completion Status: Lannister Corp., a...

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Accounting

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course_id80427_1&content_id = 1690746_1&step=nus Remaining Time: 9 minutes, 38 seconds. Question Completion Status: Lannister Corp., a Canadian corporation, commenced operations in 20X1 and has a December 31 fiscal year end. Its taxable income and the applicable tax rates from 20x1 to 20x4 are set out below: Year Taxable income Tax rate 20X1 3096 20X2 3096 $20,000 $40,000 $50,000 $60,000 20X3 2896 20X4 2896 In 2005, Lannister suffered a taxable loss of $200,000. The substantively enacted tax rate for 20x5 remained at 28%. Management has determined that it is probable that Lannister will be able to fully use the loss carryforward. Assuming that Lannister elects to carry back its losses to the fullest extent possible, what amount should the company report as an income tax receivable on its statement of financial position at December 31, 20x5? a. $42,800 b.$56,800 $48,800 d. $42,000 Se As Ars Click Save and Submit to save and submit Clio Sauel Ansors to see all answers o I Type here to search hp

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