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answer a, c & d correctly. i will thumbs up & like Metlock Inc. reported the following pretax income (loss) and related tax rates during

answer a, c & d correctly. i will thumbs up & like image text in transcribed
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Metlock Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022 2019 2020 2021 2022 Pretax Income (loss) $43,700 (190,000) 240,000 79,200 Tax Rate 40 % 40 % 20 % 20 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Metlock began business. The tax rates from 2019-2022 were enacted in 2019. (a) Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable). Income tax expense (benefit). and the tax effects of the loss carryforward. Assume that Metlock expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2020 Deferred Tax Asset Income Tax Externe 2020 Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable), income tax expense (benefit). and the tax effects of the loss carryforward. Assume that Metlock expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Tities and Explanation Debit Credit Deferred Tax Asset Income Tax Expense Income Tax Expense Deferred Tax Asset Income Tax Payable 2021 2022 Income Tax Expense Income Tax Payabld Prepare the portion of the income staten starting with "operating loss before income taxes operating loss before income to Income tax benefit income tax expense Net income I prepare the portion of the income statement Starting with "income before income taxes". income before income taxes income tax expense cument deferred Net income loss

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