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can yoy please solve this question: Nita Company began operations in 2 0 1 9 . The following information pertains to its operations in the
can yoy please solve this question:
Nita Company began operations in The following information pertains to its operations in the first three years:
Assets purchased during the year
$
$
$
Pretax accounting income loss
$
$
$
Income tax rate enacted each year
Notes:
Nita Company amortizes its assets straightline over years. Assume no residualsalvage value.
The Capital Cost Allowance rate on the assets is
Due to the untimely filing of the tax return Nita Company paid a $ penalty. This was deducted in the income statement for accounting purposes.
Nita Company collected dividends of $ and $ in and respectively.
During Nita Company started a warranty program. $ and $ were expensed in and respectively. Actual expenditures under the warranty program were $ and $ for and respectively.
Required:
Prepare the income tax journal entries for and Show all calculations.
Nita Company incurred a tax loss in of $ The enacted tax rate in is Prepare the appropriate journal entrys pertaining to the loss for Assume that Nita Company wants to obtain the maximum refund from prior years and assume that the tax benefit of any loss carryforward should be recognized. Show your work.
Assume that in Nita Company incurred a tax loss of $ Further assume that the company decides that it is no longer appropriate to recognize the benefit for any of the loss carryforwards. Nita Company uses a valuation allowance method. The enacted tax rate in is Prepare appropriate journal entrys pertaining to the various losses. Show your work.
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