I need help with 2017 Problem 12-23 (Algorithmic) (LO. 2) Oak Corporation has th

Question

I need help with 2017

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 6,000 3,000 V 2013 2014 2015 2016 2017 10,000 24,000 X b. What is the amount of any unused credits carried forward to 2018? 13,800

Explanation / Answer

Amount of each year's carryover utilized in 2017 Year Carryover utilized 2013                           2,000 2014                           6,000 2015                           3,000 2016                        10,000 2017                           3,000 Total carryover utilized in 2017                        24,000

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