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Exercise 19-22 (Part Level Submission) Felicia Rashad Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019
Exercise 19-22 (Part Level Submission) Felicia Rashad Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) $48,000 (70,000) 90,000 30,000 105,000 (60,000) 130,000 Tax Rate 25% 20% 20% 20% 20% 25% 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. What entry for income taxes should be recorded in 2020? (Credit account titles are autom indent manually. If no entry is required, select "No Entry" for the account titles and Account Titles and Explanation Debit Credit
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