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(Questions 36 & 37) Wilcox Corporation reported the following results for its first three years...

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Accounting

(Questions 36 & 37) Wilcox Corporation reported the following results for its first three years of operation:
2024 income (before income taxes) $ 200,000
2025 loss (before income taxes)(1,800,000)
2026 income (before income taxes)2,000,000
There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2024 and 2025, and 40% for 2026.
36. Assuming that Wilcox elects to use the carryback provision, what income (loss) is reported in 2025?
a.$(1,800,000)
b.$ -0-
c.$(1,740,000)
d.$(1,100,000)

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