Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 37% for 2012 and 2013, and 43% for 20142016. Assume the carryback provision is used first for net operating losses.

Exercise 19-25 Meyer reported the following pretax financial income (loss) for the years 2012-2016. 2012 $243,000 2013 358,000 2014 120,000 2015 (571,000) 2016 184,100 pretax financial income (loss) and taxable income (loss) were the same for all years involved. The e prepare the journal entries for the years 2014-2016 to record income tax expense, income taxes pa not that one-fifth of the benefits of the loss carryforward will not be realized. (credit account titles Date Account Titles and Explanation Debit Credit 2014 2015 (To record refund.)