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Grimes Corporation began business in 2017 and incurred losses for its first two years. In...

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Accounting

Grimes Corporation began business in 2017 and incurred losses for its first two years. In 2019, it became profitable. The following table shows Grimes's taxable income before consideration of its NOLs:

2017 2018 2019 2020 2021 2022
Taxable income $ (820,000) $ (254,000) $ 320,000 $ 541,000 $ 210,000 $ 298,000

Required:

Recompute Grimess taxable income for 2019 through 2022 after its allowable net operating loss deduction.

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