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Please answer accordingly, using this questions numbers and account entry spaces. Thank you Bramble Inc. reports the following pre-tax incomes (losses) for both financial reporting
Please answer accordingly, using this questions numbers and account entry spaces. Thank you
Bramble Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: The tax rates listed were all enacted by the beginning of 2018. Bramble reports under the ASPE future/deferred income taxes method. Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020 , the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation 2018 Current Tax Expense Income Tax Payable 2019 Current Tax Benefit Income Tax Payable 2020 Income Tax Receivable Deferred Tax Benefit (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) 2021 (To record current tax expense) (To record deferred tax expense) eTextbook and Media List of Accounts Assuming the tax loss is first carried back and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or $ $ Bramble Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: The tax rates listed were all enacted by the beginning of 2018. Bramble reports under the ASPE future/deferred income taxes method. Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020 , the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation 2018 Current Tax Expense Income Tax Payable 2019 Current Tax Benefit Income Tax Payable 2020 Income Tax Receivable Deferred Tax Benefit (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) 2021 (To record current tax expense) (To record deferred tax expense) eTextbook and Media List of Accounts Assuming the tax loss is first carried back and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or $ $Step by Step Solution
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