Question jennings inc reported the subsequent pretax income

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Reference no: EM13348874

Question :

Jennings Inc. reported the subsequent pretax income loss and related tax rates during the years 2008-2014.

Pretax Income (loss) Tax Rate

2008 $ 40,000 30%

2009 25,000 30%

2010 50,000 30%

2011 80,000 40%

2012 (180,000) 45%

2013 70,000 40%

2014 100,000 35%

Pretax financial taxable income loss and income loss were the same for all years since Jennings started business. The tax rates from 2011-2014 were enacted in 2011.

(a) Purpose the journal entries for the years 2012-2014 to record income taxes payable refundable, income tax expense benefit, and the tax effects of the loss carryforward and carryback. Consider that Jennings elects the carryback provision where possible and expects to understand the benefits of any loss carryforward in the year that instantly follows the loss year.

Reference no: EM13348874

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