Answer:
NCOME TAX EXPENSES FOR YEAR 2017
TAXABLE INCOME * 20%
= $80000 * 20%
= $16000
INCOME TAX EXPENSES A/C............................DR $16000
TO INCOME TAX PAYBLE A/C $16000
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INCOME TAX EXPENSES FOR YEAR 2018
INCOME TAX REFUND RECEIVABLE
= $160000 * 40%
= $64000
INCOME TAX REFUND RECEIVABLE A/C.........................DR $64000
TO BENIFIT DUE TO LOSS CARRYBACK $64000
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INCOME TAX EXPENSES FOR YEAR 2019
BENIFIT DUE TO LOSS CARRYBACK (INCOME TAX EXPENSES)
= $80000 * 20%
= $16000
BENEFIT DUE TO LOSS CARRYFORWARD (INCOME TAX EXPENSES)
=[($380000 - $80000) * 20%]
= $60000
INCOME TAX REFUND RECEIVABLE A/C.........................DR $16000
TO BENEFIT DUE TO LOSS CARRYBACK $16000
DEFERED TAX ASSET A/C.........................................DR $60000
TO BENEFIT DUE TO LOSS CARRYFORWARD $60000
INCOME TAX EXPENSES FOR YEAR 2020
DEFFERED TAX ASSETS
= $120000 * 20%
= $24000
INCOME TAX EXPENSES A/C..............................DR $24000
TO DEFERRED TAX ASSET $24000
INCOME TAX EXPENSES FOR YEAR 2021
DEFFERED TAX ASSETS
= $100000 * 20%
= $20000
INCOME TAX EXPENSES A/C..............................DR $20000
TO DEFERRED TAX ASSET $20000
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