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In its first four years of operations, Perry Sports reported the following operating income (loss) amounts: 2018 $ 150,000 2019 (425,000) 2020 100,000 2021 450,000
In its first four years of operations, Perry Sports reported the following operating income (loss) amounts: 2018 $ 150,000 2019 (425,000) 2020 100,000 2021 450,000 In 2019, Perry will carry forward its operating loss. The enacted income tax rate in all years was 25%. There were no other permanent or temporary differences in any of the years. a. Record the tax journal entries for 2019. b. What will income tax payable be for 2020? C. What will income tax expense be for 2021
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