ANSWER
Date | Account Title and Explanation | Debit | Credit |
2018 | Income tax refund -Receivable(105+30)*40% | 54 | |
Deferred tax asset(200-10-105-30)*40% | 22 | ||
Income tax benefit | 76 | ||
(To record income tax benefit) | |||
Income Statement (Partial) | |||
Operating loss before taxes | 200 | ||
less:Income Tax benefit | 76 | ||
Net Operating loss | 124 | ||
Date | Account and Title Explanation | debit | Credit |
2019 | Income Tax Expenses | 40 | |
Deferred Tax asset | 22 | ||
Income tax payable | 18 | ||
(to record income tax 2019) |
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Fores Construction Company reported a pretax operating loss of $200 million for financial reporting purposes in...
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