Question
Part 2: Carryback and Carryforward Use the information in Part 2 of the Assessment 5 Data Sheet to complete the following: . Prepare the journal
Part 2: Carryback and Carryforward Use the information in Part 2 of the Assessment 5 Data Sheet to complete the following: . Prepare the journal entries for the years 2015-2019 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Bryan Clark Company uses the carryback provision. All income and losses relate to ndrmal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) Where appropriate, show all calculations leading to the final solution. Part 2: Carryback and Carryforward The pretax financial income (or loss) figures for Bryan Clark Company are as follows. $ 88,000 2016 2017 137,500 2018 44,000 2019 (88,000) 2020 (191,900) 2021 66,000 2022 55,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016 and 2017 and a 25% tax rate for the remaining years
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