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Kroger Company is one of the largest retail food companies in the United States as measured by total annual sales. The Kroger Company operates supermarkets,
Kroger Company is one of the largest retail food companies in the United States as measured by total annual sales. The Kroger Company operates supermarkets, convenience stores, and manufactures and processes food that its supermarkets sell. Using EDGAR (sec.gov) or the company's website (kroger.com), check the company's annual report for the year ended February 1, 2020. Required: 1. From the income statement, determine the income tax expense for the fiscal year ended February 1, 2020. Tie that number to the first table in disclosure Note 5: "Taxes Based on Income," and prepare a summary journal entry that records Kroger's tax expense fron continuing operations in the fiscal year ended February 1, 2020. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answe in million (i.e., 5,000,000 should be entered as 5). 2a. From Kroger's Note 5, calculate the total net deferred tax asset or liability as of February 1, 2020, and February 2, 2019. 2b. By how much did that amount change? To what extent did you account for that change in the journal entry you wrote for the first requirement of this case? Kroger Company is one of the largest retail food companies in the United States as measured by total annual sales. The Kroger Company operates supermarkets, convenience stores, and manufactures and processes food that its supermarkets sell. Using EDGAR (sec.gov) or the company's website (kroger.com), check the company's annual report for the year ended February 1, 2020. Required: 1. From the income statement, determine the income tax expense for the fiscal year ended February 1, 2020. Tie that number to the first table in disclosure Note 5: "Taxes Based on Income," and prepare a summary journal entry that records Kroger's tax expense fron continuing operations in the fiscal year ended February 1, 2020. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answe in million (i.e., 5,000,000 should be entered as 5). 2a. From Kroger's Note 5, calculate the total net deferred tax asset or liability as of February 1, 2020, and February 2, 2019. 2b. By how much did that amount change? To what extent did you account for that change in the journal entry you wrote for the first requirement of this case
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