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Pina Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....

Pina Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $118,000 34 % 2016 90,000 34 % 2017 (296,000 ) 38 % 2018 229,000 38 % The tax rates listed were all enacted by the beginning of 2015. Collapse question part (a) Prepare the journal entries for the years 2015–2018 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryback and carryforward, assuming that at the end of 2017 the benefits of the loss carryforward are judged more likely than not to be realized in the future.

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Pina inc reports the following pre tax incomeDate Dscpton 12. O Income tox Eense 4212 Ο (118006 x34%) Incm tan epense (0000 Y39/) Defered to asset Goll 30,600 3o, 6oo 33440 Banfir due to lose osvybnk 799 20 3,440 ene 38000 381 CoIY 01020 53,58 nu ta pable 33 uyo

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