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please help! thank you! Cullumber Company reported the following pretax financial income (loss) for the years 2023 through 2027: Pretax financial income (loss) and taxable
please help! thank you!
Cullumber Company reported the following pretax financial income (loss) for the years 2023 through 2027: Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 308 for 2023 through 2025 , and 20 \% for 2026 and thereafter. Prepare the joumal entries for the years 2023 through 2027 to record income tax expense, income tax payable (refundable). and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that 60 percent of the benefits of the loss carryforward will not be realized. (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. List all debit entries before credit entries, Record journal entries in the onler presented in the problem. 2026 (To record allowance) (To record income taxes) (To record allowance) (To record income taxes) (To adjust allowance) Cullumber Company reported the following pretax financial income (loss) for the years 2023 through 2027: Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 308 for 2023 through 2025 , and 20 \% for 2026 and thereafter. Prepare the joumal entries for the years 2023 through 2027 to record income tax expense, income tax payable (refundable). and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that 60 percent of the benefits of the loss carryforward will not be realized. (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. List all debit entries before credit entries, Record journal entries in the onler presented in the problem. 2026 (To record allowance) (To record income taxes) (To record allowance) (To record income taxes) (To adjust allowance) Step by Step Solution
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