Question
Bridgeport Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible): Accounting Income Year (Loss)
Bridgeport Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible): Accounting Income Year (Loss) Tax Rate 2017 $139,000 25 % 2018 107,000 25 % 2019 (316,000 ) 30 % 2020 49,000 30 % The tax rates listed were all enacted by the beginning of 2017. (a) Prepare the journal entries for each of the years 2017 to 2020 to record income taxes, assuming at December 31, 2019, that it was more likely than not that the company would not be able to benefit from the remaining losses available to carry forward. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2017 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2018 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2019 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2020 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
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