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can someone please assist me with my hw its fo art) arne Osborne Enterprises reported the following pretax financial income (loss) amounts: VCar Arnount 2009
can someone please assist me with my hw its fo
art) arne Osborne Enterprises reported the following pretax financial income (loss) amounts: VCar Arnount 2009 $1 oo,ooo 2010 200,000 2011 60,000 (300,000) 2013 50,000 2014 70,000 2015 145,000 Pretax financial income (loss) and taxable income (loss) are the same for all years presented above. The enacted tax rate for the years 2009 through 2011 is 4()%, and the enacted lax rate for thc years 2012 and later is 35%. Required: l. Prepare the journal entries for the years 2011 through 2013 to record income tax expense and the effects of the net operating loss (NOL). Assume that all income and losses pertain to normal operations of Osborne. Also, assume that no valuation allowance is necessary and that Ozzie insists that the carryback loss provision be used. (10 points) Providing the correct answer does not ensure that you will receive credit for your answer if you do not show your work (how you arrived at your answer). You may use the next page to show your work. Please make sure you label your answers so that I can follow your work, and write neatly so that I can read your journal entries and understand your calculations, if I cannot read your handwriting you will not receive credit for your answer. Year GL Account Debit Credit
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