Please help me with this problem Problem 12-23 (Algorithmic) (LO. 2) Oak Corpora

Question

Please help me with this problem

Problem 12-23 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2013 2014 2015 2016 Total carryovers $2,000 6,000 3,000 10,000 $21,000 Oak's general business credit generated by 2017 activities equals $16,800 and the total credit allowed during the current year is $24,000 (based on tax liability) a. Enter the amount (if any) of each year's carryover utilized in 2017 Amount of Carryover Utilized Year 2,000 V 2013 2014 2015 2016 2017 b. What is the amount of any unused credits carried forward to 2018?

Explanation / Answer

Total credit allowed in 2017 is 24000, accordingly within the available limit credit utilised of 2017.

b.

After utilising all credit carryover for years upto 2016, of 2017 credit of 16800 only 3000 utilised and balance 16800-3000= 13800 is carried forward to 2018

Year Amount of carryover utilised 2013 2000 2014 6000 2015 3000 2016 10000 2017 3000 24000

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