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*Exercise 19-23 Kingbird Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for

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*Exercise 19-23 Kingbird Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.) Pretax Income (Loss) Year 2015 2016 2017 2018 Tax Rate 34% 34 % 38% 3896 $112,000 96,000 (263,000) 220,000 The tax rates listed were all enacted by the beginning of 2015. Prepare the journal entries for the years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable) of the loss carryforward are judged more likely than not to be realized in the future. (Credit accou automatically indented when amount is entered. Do not indent manually. If no entry i Entry" for the account titles and enter O for the amounts.) and the tax effects of the loss carryback and carryforward, assuming that at the end of 2017 the benefits nt titles are s required, select "No Date Account Titles and Explanation Debit Credit 2015 2016

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