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Problem 2 Carryback/Carryforward A company reported an operating loss of $895,000 for financial reporting and tax purposes in 2020. The enacted tax rate for 2020 is 30%. For 2021 and all future years, the enacted tax rate is 40%. Taxable income and tax rates during the first four years of operations were as follows: 2016 2017 2018 2019 Taxable Tax income rates $120,000 30% 125,000 31% 95,000 35% 64,000 32% a. Prepare the journal entry to record the company's tax provision for the year 2020 if the company elects the carry forward option only. Deferred tax asset 22?? Benefit due to tax forward ??? b. Prepare the journal entry to record the company's tax provision for the year 2020 if the company elects the carryback/carryforward only option. c. Refer to item b above. Prepare the bottom part of the 2020 income statement to report the income tax effects (starting with the amount of the net loss before tax). 7. Poplar Co. reported a 2017 pretax operating loss of $360,000 for financial reporting and tax purposes. Taxable income and tax rates for Poplar's first years of operation are as follows: 2013 $ 40,000 2014 $ 52,000 2015 $ 84,000 2016 $ 60,000 2017 ($360,000) 2018 and beyond 30% 35% 35% = 29,400 40% = 24,000 30% 34% a. Assume that the tax law provides that, for a Net Operating Loss, a company may choose between the carryback/carryforward option (back 2 years, forward 20 years) OR just carryforward indefinitely.* (We used this approach in class). Prepare the journal entry to record Poplar's income taxes for 2017 if Poplar chooses the carryback/carryforward option. Tax refund receivable (29,400+24,000) 53,400 Deferred tax asset [(360,000-144,000) x 34%] 73,440 Benefit due to tax carryback 53,400 Benefit due to tax carryforward 73.440 b. Prepare the journal entry to record Poplar's income taxes for 2017 if Poplar chooses the carryforward only option. Deferred tax asset (360,000 x 34%) 122,400 Benefit due to tax carryforward 122.400 c. Refer to part a. Prepare the bottom part of the income statement with proper form. (360,000) Net loss before tax Income tax benefit: Due to carryback Due to carryforward Total tax benefit Net loss after tax 53,400 73,440 126,840 (233,160)