Prepare journal entries for each of years for bramble inc

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Bramble Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible):

Accounting Income Year (Loss)        Tax Rate

2017              $137,000                         25%

2018             107,000                            25%

2019             (314,000)                         30%

2020                52,000                             30%

The tax rates listed were all enacted by the beginning of 2017.

Problem 1: Prepare the journal entries for each of the years 2017 to 2020 to record income taxes, assuming at December 31, 2019, that it was more likely than not that the company would not be able to benefit from the remaining losses available to carry forward.

Reference no: EM132940683

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