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need help with each following years Landmark Corp. started operations in 20X6. The statements of comprehensive income for the first four years of operations reflected
need help with each following years
Landmark Corp. started operations in 20X6. The statements of comprehensive income for the first four years of operations reflected the following pre-tax amounts: Pre-tax earnings (loss) 20x4 20x5 20X6 20x7 $118,000 $(285,000) $29,000 $49,000 There are no temporary differences other than those created by income tax losses. Landmark has had a constant income tax rate of 35% for all four years. Required: 1. Give the entries to record income tax expense for each year, assuming that management has assessed that use of the loss carryforwards is probable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 > Record the No journal entry required Current asset Current Liability Deferred income tax asset Note: Enter det Date Debit Credit 20X4 Record entry Clear entry View general JournalStep by Step Solution
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