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A, B, and C please Slussers Lumber Company experienced net losses during the first 2 years of its operations. Year 3 was the company's first
A, B, and C please
Slussers Lumber Company experienced net losses during the first 2 years of its operations. Year 3 was the company's first profitable year. Slussers uses the same accounting methods for financial reporting and its tax returns. The company always elects the carryback/carryforward option. Management examined all available evidence, both positive and negative, and has determined that it is more likely than not that all of the carryforward tax benefits are fully realizable. The following information is taken from the company's financial records for the first 4 years of its operations: (Click the icon to view the information.) Read the requirements Data Table Lions from any Requirements -X Income (Loss) a. Prepare the journal entries needed to record the tax provision for Years 3 and Year before Tax Tax Rate (%) 4 1 34 % b. Prepare partial income statements for all 4 years. c. What is the balance of the deferred tax account at the end of Year 3? 2. 34 $ (290,000) (105,000) 315,000 640,000 3 34 4 34 Print Done Print DoneStep by Step Solution
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