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Please help with accounting homework Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016, 2017, and
Please help with accounting homework
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016, 2017, and 2018. E19-24 (L03) (NOL Carryback and Carryforward, Valuation Account Needed) Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $120,000 40% 2016 40 2017 2018 90,000 (280,000) 120,000 (a) The tax rates listed were all enacted by the beginning of 2015. Instructions Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (b) Prepare the income tax section of the 2017 income statement beginning with the line "Operating loss before income taxes." Prepare the income tax section of the 2018 income statement beginning with the line "Income before income (c) taxesStep by Step Solution
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