Accumulated Asset Cost Acquired Depreciation Sold for Sold on Rack $110,000 10/10/16 $70,000 $55,000 10/10/19 Forklift 45,000 10/16/15 21,000 15,000 10/10/19 Bin 97,000 03/12/18 31,000 60,000 10/10/19

Pole Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:   Use of the depreciable assets will result in taxable amounts of €350,000 in each of the next three years. The estimated litigation expenses of €840,000 will be deductible in 2021 when settlement is expected.  Instructions a. Prepare a schedule of future taxable and deductible amounts

Ayres Services acquired an asset for $128 million in 2021. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset’s cost is depreciated by MACRS. The enacted tax rate is 25%. Amounts for pretax accounting income, depreciation, and taxable income in 2021, 2022, 2023, and 2024 are as follows:    ($ in millions)     2021   2022   2023   2024   Pretax accounting income $ 360     $ 380     $ 395     $ 430     Depreciation on the income statement   32       32       32       32     Depreciation on the tax return   (55 )     (39 )     (21 )     (13 )   Taxable income $ 337     $ 373     $ 406     $ 449       Required:For December 31 of each year, determine (a) the cumulative temporary book-tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. (Leave no cell blank, enter "0" wherever applicable. Enter your answers in millions…

Zeno, Incorporated sold two capital assets in 2022. The first sale resulted in a$53,000 capital loss, and the second sale resulted in a $25,600 capital gain. Zenowas incorporated in 2018, and its tax records provide the following information:2018 2019 2020 2021Ordinary income $ 443,000 $ 509,700 $ 810,300 $ 921,Net capital gain 22,000 0 4,120 13,Taxable income $ 465,000 $ 509,700 $ 814,420 $ 934,Required:a.Compute Zeno’s tax refund from the carryback of its 2022 nondeductible capitalloss. Zeno’s marginal tax rate was 21 percent for each prior year.b. Compute Zeno’s capital loss carryforward into 2023.