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Blossom Inc, reports the following pretax income (loss) for both book and tax purposes. The tax rates listed were all enacted by the beginning of

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Blossom Inc, reports the following pretax income (loss) for both book and tax purposes. The tax rates listed were all enacted by the beginning of 2023. (a) Prepare the journal entries for years 2023-2026 to record income tax expense (benefit) and income taxes payable (refundable). and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (List all debit entries before credit entries, Credit account tities are Prepare the journal entries for years 2023-2026 to record income tax expense (benefit) and income taxes payable (refundable). and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (List all debit entries before credit entries, 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 tities and enter 0 for the amounts. Record joumal entries in the order presented in the problem.) 2025 Deferred TaxAsset 10875 Benefit Due to Loss Carrytorward (To record income taxes.) Benefit Due to Loss Carryback Allowance to Reduce Deferred Tax Asset to Expected Rea (To record allowance.) 2026 Income Tax Expense Deferred TaxAsset (To record income taxes.) Alowance to Reduce Deferred Tax Asset to Expected Realiz 27250 Benefit Due to Loss Carryforward 27250 (To adjust allowance.)

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