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Blossom Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: The tax rates listed were all enacted by the
Blossom Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: The tax rates listed were all enacted by the beginning of 2021. Blossom reports under the ASPE future income taxes method. Date Account Titles and Explanation Debit Credit (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) (To record current tax expense) (To record deferred tax expense)
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