ABC Company was founded in 20X1 and had the following taxable income t

QUESTION

ABC Company was founded in 20X1 and had the following taxable income through 20X6:20X120X220X320X420X520X6$2.5M$8.5M$7.8M-$17.6M$12.3M$16.4MCompute the corporate income tax or tax refund ineach year, assuming the graduated tax rates listed below.At leastBut less thanTax Rate (%)Tax Calculation0.0050¦
20×1 -2500000 =113900 0.34(2500000-335000) = 850000 20×2 -8500000 =113900 0.34(8500000-335000) = 2890000 20×3 -7800000 =113900 0.34(7800000-335000) = 2652000 20×4 -1760000 = 0¦

20×5 -12300000 = 3400000 0.35(12300000-10000000) =4205000 20×6 -16400000 = 5150000 0.38(16400000-15000000) =5682000

ANSWER:

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