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Crane Inc. reports the following pretax income ( loss ) for both financial reporting purposes and tax purposes. Crane Inc. follows IFRS. The tax rates
Crane Inc. reports the following pretax income loss for both financial reporting purposes and tax purposes. Crane Inc. follows IFRS.
The tax rates were all enacted by the beginning of
Prepare the journal entries for the years to to record income taxes, assuming the tax loss is first carried back and that
at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future. Credit account
titles are autamatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the
account titles and enter for the amounts. Record journal entries in the order presented in the problem. List ail debit entries before credit
entries.
Prepare the journal entries for and assuming that, based on the weight of available evidence, it is more likely than nat
that only of the carryforward benefits will be realized not expected to be realized A valuation allowance account is
not used by the comparry. Credit account titles are automatically indented when the amount is entered. Do not indent monually. If no
entry is required, select Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the
problem. List all debit entries before credit entries.
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