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only C please and show work Bramble Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. Tax Rate 2019
only C please and show work
Bramble Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. Tax Rate 2019 40 % 2020 Pretax Income (loss) $43,300 (194,000) 244,000 72,300 40 % 2021 20 % 2022 20 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Bramble began business. The tax rates from 2019-2022 were enacted in 2019. Your Answer Correct Answer (Used) Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Bramble 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 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 Debit Credit 2020 Deferred Tax Asset 38,800 Income Tax Expense 38,800 2021 Income Tax Expense 48,800 Deferred Tax Asset 38,800 Income Tax Payable 10,000 2022 Income Tax Expense 14,460 Income Tax Payable 14,460 Prepare the portion of the income statement, starting with Operating loss before income taxes," for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Bramble Inc. Income Statement (Partial) Operating Loss before Income Taxes $ Income Tax BenefitStep by Step Solution
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