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Metlock Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income Year (Loss) Tax Rate 2018 $119,000
Metlock Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income Year (Loss) Tax Rate 2018 $119,000 17 % 2019 112,000 17 % 2020 (220,000 ) 19 % 2021 300,000 19 % The tax rates listed were all enacted by the beginning of 2018. Part 1 Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation 2018 Debit Credit 2019 2020 2021 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 4 used Submit Answer
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