The pretax financial income (or loss) figures for Sarasota
Company are as follows.
2015 |
$173,000 | ||
2016 |
227,000 | ||
2017 |
76,000 | ||
---|---|---|---|
2018 |
(173,000 | ) | |
2019 |
(401,000 | ) | |
2020 |
111,000 | ||
2021 |
105,000 |
Pretax financial income (or loss) and taxable income (loss) were
the same for all years involved. Assume a 25% tax rate for 2015 and
2016 and a 20% tax rate for the remaining years.
Prepare the journal entries for the years 2017 to 2021 to record
income tax expense and the effects of the net operating loss
carryforwards. All income and losses relate to normal operations.
(In recording the benefits of a loss carryforward, assume that no
valuation account is deemed necessary.) Should be 5 journal entries
in total
Year 2017
Income Tax Expenses A/c Dr. $15,200
To Income Tax payable A/c $15,200
Year 2018
Income Tax Refund Receivable Dr. $15,200
Defered Tax Asset A/c Dr. $34,600
To Benefit due to Loss carryforward $34,600
To Benefit due to Loss carryback $15,200
Year 2019
Defered Tax Asset A/c Dr. $80,200
To Benefit due to Loss carryforward $80,200
Year 2020
Income Tax Expenses A/c Dr. $22,200
To Defered Tax Asset A/c $22,200
Year 2021
Income Tax Expenses A/c Dr. $21,000
To Defered Tax Asset A/c $21,000
The pretax financial income (or loss) figures for Sarasota Company are as follows. 2015 $173,000 2016...
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