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Martinez Inc reported the following accounting income (loss) and related tax rates during the years 2015 to 2021- Accounting Tax Year Income (Loss) Rate 2015
Martinez Inc reported the following accounting income (loss) and related tax rates during the years 2015 to 2021- Accounting Tax Year Income (Loss) Rate 2015 $74,000 25 2016 23.000 25% 2017 61000 25% 2018 78.000 30% 2019 1212.000 3595 2020 69.000 3095 2021 B2.000 Accounting income (los) and taxable income loss were the same for all years since Martinez began business. The tax rates from 2018 to 2021 were enacted in 2018 Assume Martinez Inc follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). Assume Martinez Inc follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). Part 1 Prepare the journal entries to record income taxes for the years 2019 to 2021. Assume that Martinez uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually no entry is required, select "No Entry" for the account titles and enter for the amounts/ Year Account Titles and Explanation Debit Credit 2019 Torecaro berelarios careta (To record benchufrom loss carryback) 2019 (To record futurelbeneht from loss carryfomward) 2020 (o record current tax expense) 2020 to recordifuturel ay expense! 2021 {To necord future lan eperne) 2021 ito record income taxes Taiboolband Media Attempts 0 of 2 used Submit Ansi Part 2
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