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ACC423 Intermediate Financial Accounting Assignment Help and Solution, University of Phoenix, USA
Question - Flounder Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.)
Year
Pretax Income (Loss)
Tax Rate
2015
$109,000
40%
2016
84,000
2017
(303,000)
45%
2018
132,000
The tax rates listed were all enacted by the beginning of 2015.
Required - Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized.
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