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Crane Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024 : Accounting income (loss) and taxable income
Crane Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024 : Accounting income (loss) and taxable income (loss) were the same for all years since Crane began business. The tax rates from 2021 to 2024 were enacted in 2021. Assume Crane follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). Prepare the journal entries to record income taxes for the years 2022 to 2024 . Assume that Crane uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) (To record future benefit from loss carryforward) (To record current tax expense) (To record future tax expense) (To record income taxes)
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