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Bramble Ltd. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2020 117,000 34
Bramble Ltd. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2020 117,000 34 % 2021 114,000 34 % 2022 (288,000) 38 % 2023 307,000 38 % The tax rates listed were all enacted by the beginning of 2020. (a) Prepare the journal entries for the years 2020-2023 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2022 it is probable that the benefits of the loss carryforward will be realized in the future. (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 O for the amounts.) (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above
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