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In its first three years of operations, Vaden Corp. experienced the following income/losses): Year 2017 2018 2019 Income/(Loss) Tax Rate 50,000 0.30 70,000 0.25 (160,000)

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In its first three years of operations, Vaden Corp. experienced the following income/losses): Year 2017 2018 2019 Income/(Loss) Tax Rate 50,000 0.30 70,000 0.25 (160,000) 0.25 Required: a. Prepare the journal entry that Vaden needs to make in 2019, assuming that it is more likely than not that any loss carryforward will be realized? b. Prepare the income tax section of the income statement for 2019, beginning with Pretax Net Loss. What additional entry would Vaden need to make in 2019 if it is more likely than not that any loss carryforward will NOT be realized

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