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I want the one in red to be answer. ( the answer it is not 20,000 either) Year 2018 2019 2020 2021 Pretax Income (Loss)
I want the one in red to be answer. ( the answer it is not 20,000 either)
Year 2018 2019 2020 2021 Pretax Income (Loss) $120,000 90,000 (80,000) 1,200,000 Tax Rate 20% 20% 25% 25% The tax rates listed were all enacted by the beginning of 2018. Your answer is partially correct. Try again. Prepare the journal entries for years 2018-2021 record income tax expense (benefit) and income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not he realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 2018 Income Tax Expense 24000 Income Tax Payable 24000 2019 Income Tax Expense 18000 Income Tax Payablo 18000 X 2020 Income Tax Expense 10000 Deferred Tax Asset 10000 (To record income taxesStep by Step Solution
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