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please show your calculations Ivanhoe Inc. reports the following incomes (losses) for both book and tax purposes: Accounting Income/ (Loss) Tax Rate Year 2020 220.000
please show your calculations
Ivanhoe Inc. reports the following incomes (losses) for both book and tax purposes: Accounting Income/ (Loss) Tax Rate Year 2020 220.000 30% 2021 83,000 32% 2022 (332,000) 34% 2023 43,000 35% Ivanhoe Inc. follows IFRS and uses the carryback provision where possible. The tax rates listed were all enacted in 2020. Prepare the journal entries for 2022. Assume also that i) it is probable that the company will generate sufficient taxable income in the future so that the benefit of any remaining loss will be realized; ii) company's future profitability is uncertain and there is not enough evidence concerning whether there will be future taxable income. (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 O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Income Tax Receivable 92560 Deferred Tax Asset 92560 (To recognize the benefit of the loss carryback.) Deferred Tax Asset 4900 Deferred Tax Benefit 4900 (To recognize the benefit of the loss carryforward.) Income Tax Payable 92560 2020 220,000 30% 2021 83.000 32% 2022 (332,000) 34% 2023 43,000 35% Ivanhoe Inc. follows IFRS and uses the carryback provision where possible. The tax rates listed were all enacted in 2020. Prepare the journal entries for 2022. Assume also that i) it is probable that the company will generate sufficient taxable income in the future so that the benefit of any remaining loss will be realized; ii) company's future profitability is uncertain and there is not enough evidence concerning whether there will be future taxable income. (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 O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Income Tax Receivable 92560 Deferred Tax Asset 92560 (To recognize the benefit of the loss carryback.) Deferred Tax Asset 4900 Deferred Tax Benefit 4900 (To recognize the benefit of the loss carryforward.) No Entry 92560 No Entry 92560 (To NOT recognize the benefit of the loss carryforward.)Step by Step Solution
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