Solution-Record the tax effect of the above

Record the tax effect of the above

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Reference no: EM132863687

Question - Below are the taxable profits and losses for the past few years along with the tax rates on income reported for Olive Company.

	Income	Tax Rate
2016	$100,000	35%
2017	$20,000	35%
2018	$100,000	35%
2019	($250,000)	20%
2020	$85,000	20%
2021	unknown	20%

Olive elects to use both carry back and carry forward procedures with no valuation allowance and strongly anticipates future profits to recover losses.

Required -

a) Record the tax effect of the above for 2019.

b) Show the income tax section and loss section of the income statement for 2019.

c) Record the tax effect of the above for 2020.

Reference no: EM132863687

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Record the tax effect of the above

Reference no: EM132863687

Reference no: EM132863687

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