Puritan Corp. reported the following pretax accounting income and taxable income for its first three...
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Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2017 2018 2019 $ 350,000 (554, eee) 780, eee Puritan's tax rate is 30% for all years. Puritan elected a loss carryback. As of December 31, 2018. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What did Puritan report on December 31, 2018, as the deferred tax asset for the NOL carryforward? Multiple Choice SO O $234,000 O O $61.200 $60,260 Hepburn Company bought a copyright for $117,000 on January 1, 2015, at which time the copyright had an estimated useful life of 18 years. On January 5, 2018, the company determined that the copyright would expire at the end of 2021. How much should Hepburn record as amortization expense for this copyright for 2018? (Do not round your intermediate calculation and round your answer to the nearest dollar amount.) Multiple Choice $24,375. $433. $6,500. $1,300
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