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4. The Mishka Corporation reported the following income for both accounting and tax purposes: Mishka Corporation uses the loss carryforward for its net operating losses.
4. The Mishka Corporation reported the following income for both accounting and tax purposes: Mishka Corporation uses the loss carryforward for its net operating losses. The enacted tax rate for 2023 and future years is 21%. Required (14 points): A. Prepare the income tax journal entry for the Mishka Corporation at the end of 2022 for the loss carryforward if it is more likely than not that 20% of the deferred tax asset from the loss carryforward will not be realized. B. If Mishka earned a taxable income (before loss carryforward) of $200,000 for 2023 , and no temporary and permanent difference for the year. Prepare the income tax journal entries for the Mishka Corporation at the end of 2023 . 4. The Mishka Corporation reported the following income for both accounting and tax purposes: Mishka Corporation uses the loss carryforward for its net operating losses. The enacted tax rate for 2023 and future years is 21%. Required (14 points): A. Prepare the income tax journal entry for the Mishka Corporation at the end of 2022 for the loss carryforward if it is more likely than not that 20% of the deferred tax asset from the loss carryforward will not be realized. B. If Mishka earned a taxable income (before loss carryforward) of $200,000 for 2023 , and no temporary and permanent difference for the year. Prepare the income tax journal entries for the Mishka Corporation at the end of 2023
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