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Kingbird Inc. reports the following pretax income ( loss ) for both financial reporting purposes and tax purposes. Kingbird Inc. follows IFRS. Year Accounting Income
Kingbird Inc. reports the following pretax income loss for both financial reporting purposes and tax purposes. Kingbird Inc. follows IFRS. Year Accounting Income Loss Tax Rate $ The tax rates were all enacted by the beginning of Prepare the journal entries for the years to to record income taxes, assuming the tax loss is first carried back and that at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Prepare the journal entries for and assuming that, based on the weight of available evidence, it is more likely than not that only of the carryforward benefits will be realized not expected to be realized A valuation allowance account is not used by the company.
Kingbird Inc. reports the following pretax income loss for both financial reporting purposes and tax purposes. Kingbird Inc. follows IFRS.
Year
Accounting Income
Loss
Tax Rate
$
The tax rates were all enacted by the beginning of
Prepare the journal entries for the years to to record income taxes, assuming the tax loss is first carried back and that at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.
Prepare the journal entries for and assuming that, based on the weight of available evidence, it is more likely than not that only of the carryforward benefits will be realized not expected to be realized A valuation allowance account is not used by the company.
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