the following statements is correct with respect to Crimson for the current year? 1. A...

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Accounting

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the following statements is correct with respect to Crimson for the current year? 1. A diviends received deacuetion is not allowed in computing Crumson's NOL b. Crimson's NOL is $15,000. c. Gnmson's dividends recerred deduction is 515,000 . d. The NOL is camed back 3 years and forward 10 years by crimeon

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Required: Prepare closing journal entries. given the following adjusted ledger balance:             Cash                                                               100,000             Accounts Rec.                                                 300,000             Pre-paid expenses                                           50,000             Land                                                                  100,000             Equip.                                                                400,000             Accum. Depr.                                                   175,000             Accts. Pay.                                                       150,000             Notes Pay.                                                         50,000             STAR Capital                                                     100,000             STAR Drawing                                                     25,000             Income Summary                                                   0             Sales                                                                 805,000             Wage Exp.                                                       200,000             Maint Exp.                                                          75,000             Insr.Exp                                                              10,000             Depr. Exp.                                                          20,000

Accounting