Hi, this is an important assignment for me and I need a tutor with a good accounting knowledge .

Please look at the attached assignment. My instructor says I have partial answers for Part A and Incorrect answers for Part B. The last tutor didnt catch anything. Please double check this time. Thanks!

Part A Colorado Company has provided you the following information. Year 2014 2015 2016 2017 Taxable income $390,000 $320,000 $400,000 ($1,200,000) Income tax rate 35% 37% 40% 40% Colorado Company has decided to use the loss carryback and carryforward provision as a result of the year 2017 loss. The enacted tax rate remains at 40% after year 2017. Colorado Company has determined that a valuation allowance is not necessary. Prepare the journal entry on December 31, 2017 to record the carryback and carryforward decision. Year 201 7 201 5 Transaction NOL $320,000 -$880,000 201 6 $400,000 -$480,000 Net of Loss Unused carry forward Enacted future tax rate Deferred tax 12/31/201 7 12/31/201 Tax Rate Tax Paid Tax Refund $320,000 $320,000 $0 40% $128,000 $128,000 40% $0 $400,000 $400,000 $0 40% $160,000 $1,200,000 Net of Loss Date Taxable Income $160,000 $288,000 Income tax refund 40% $480,000 40% $192,000 Account Titles & Explanation Income tax refund receivable Income tax expense(carryback benefit) Deferred tax asset J E Debit Credit 288,000 288,000 192,000 7 Income tax expense(carryforward benefit) 192,000 Part B The Matrix Company began operations as of the beginning of 2015. During 2015, Matrix reported GAAP (book) income before taxes of $789,500. For income tax purposes, depreciation expense was $150,000; for GAAP (book) purposes, depreciation expense was $74,000. Matrix accrued $900,000 of revenue for GAAP (book) purposes during 2015; $600,000 of the accrued revenue was taxable during 2015. Matrix earned interest of $79,800 from a municipal bond investment during 2015. Matrix's marginal income tax rate is 40%. Matrix did not make any income tax payments during 2015. a. Determine Matrix's taxable income for the year ended December 31, 2015. Revenue Less: Depreciation Tax Rate Book (GAAP) $900,000 $74,000 Tax $600,000 $150,000 Difference $300,000 -$76,000 $826,000 40% $450,000 40% $180,000 $376,000 40% $150,400 Interest $79,800 Taxable Income $259,800 b. Prepare the 2015 year-end journal entry to record income tax expense. Proof: 259800+150400=410,200 Date 12/31/2015 Account Titles & Explanation Income tax provision Deferred tax liability Income tax payable J E Debit $410,200 Credit $150,400 $259,800