Question
Nash Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009
Nash Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009 $41,180 30 % 2010 56,800 30 % 2011 24,140 35 % 2012 68,160 50 % 2013 (213,000 ) 40 % 2014 127,800 40 % 2015 42,600 40 % 2016 149,100 40 % 2017 (85,200 ) 45 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Nash has been in business.
Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. Collapse question part (a)
What entries for income taxes should be recorded for 2013? (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 0 for the amounts.)
Account Titles and Explanation Debit Credit (To record carryback.)
(To record carryforward.)
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