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asap The pretax financial income (or loss) figures for Skysong Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the
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The pretax financial income (or loss) figures for Skysong Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carrylorwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward; assume that no valuation account is deemed necessary.) (Ust all debit entries before credit entries. Credit account titles are outomaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts Recond joumal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit 2022 Income Trox Experise 17200 Income Tax Pavable 17200 2023 Deferred Tax Asset 8200 income Tax Pavable 2024 Delerred Tax Asset 7200 Heneht Due to Loss Carryforward Income Tax Expense Deferred Tax Asset income Tau Payable Income Tax Expense Incaine Tax Payable Step by Step Solution
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