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Please help.Thanks a lot. 1. 2. Kingbird Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. Pretax financial income
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Kingbird Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. Pretax financial income (loss) and taxable income (loss) were the same for all years since Kingbird began business. The tax rates from 2019-2022 were enacted in 2019. Prepare the journal entries for the years 20202022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Kingbird 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 0 for the amounts.) The income tax rate for all years is 20%. Assuming there were no temporary differences prior to 2020 , prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (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 0 for the amounts.) Deferred Tax Liability Income Tax Payable 2022 Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax PayableStep by Step Solution
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