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ACCT4300 Advanced Accounting II Group Test 15 Part 1. In 2017. its first year of operations, John Corp. has a $720,000 net operating loss when the tax rate is 40%. In 2018 the company has $910,000 taxable income and the tax rate is revised to 50% in early 2018, INSTRUCTIONS: 4) What are the entries in 2017 to record the tax loss carry-forward? (Assuming that it is more likely than not that half of the loss carry-forward will not be realized.) (b) What entries would be made to record income tax expenses in 2018? ACCT4300 Advanced Accounting II Group Test 15 Part 1. In 2017. its first year of operations, John Corp. has a $720,000 net operating loss when the tax rate is 40%. In 2018 the company has $910,000 taxable income and the tax rate is revised to 50% in early 2018, INSTRUCTIONS: 4) What are the entries in 2017 to record the tax loss carry-forward? (Assuming that it is more likely than not that half of the loss carry-forward will not be realized.) (b) What entries would be made to record income tax expenses in 2018