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Bonita Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. 2019 2020 2021 2022 Pretax Income (loss) Tax Rate
Bonita Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. 2019 2020 2021 2022 Pretax Income (loss) Tax Rate $38,500 40 % (189,000) 40% 239,000 20 % 78,500 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Bonita 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 Bonita 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit 2020 2021 2022
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