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2018: $150,000 2019: 50,000 2020: 70,000 2021: (200,000) 2022: 60,000 The tax rate for all years was 20% Carter qualifies as a company that can
2018: $150,000
2019: 50,000
2020: 70,000
2021: (200,000)
2022: 60,000
The tax rate for all years was 20%
Carter qualifies as a company that can carryback operating losses.
Required
Prepare the journal entry to record income tax expense and related liabilities for 2021 and 2022.
Journal Entry 2021
| Date | Accounts | Debit | Credit |
| 12-31-21 |
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Journal Entry 2022
| Date | Accounts | Debit | Credit |
| 12-31-22 |
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