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Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) 2013
Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) 2013 2014 2015 2016 2017 2018 2019 $42,400 26,300 53,600 76,900 (177,700 ) 71,100 93,200 Tax Rate 30 % 30 % 30 % 40 % 45 % 40 % 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Blossom began business. The tax rates from 2016-2019 were enacted in 2016. carryforward. Assume that Blossom elects the carryback provision where possible and 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 o for the amounts.) Date Account Titles and Explanation Debit Credit 2017 Income Tax Refund Receivable 46840 Benefit Due to Loss Carryback 46840 (To record carryback.) Deferred Tax Asset 18880 Benefit Due to Loss Carryforward (To record carryforward.) 2018 Income Tax Expense Deferred Tax Asset 18880 V Income Tax Payable 9560 2019 Income Tax Expense Income Tax Payable 32620 Prepare me pornoIT UI che mi come lacement, Sarung WICII upeldung USS verore come Laxes, TUI 2017. (Cmrel 103) umy erre a reyouve byli preceumy ure nummer e.y. -45 or parentheses e.g. (45).) Blossom Inc. Income Statement (Partial) For the Year Ended December 31, 2017 Operating Loss before Income Taxes (177700) Income Tax Benefit Benefit Due to Loss Carryback 46840 Benefit Due to Loss carryforward 18880 T 65720 Net Income /(Loss) (111980) Click if you would like to Show Work for this question: Open Show Work Prepare the portion of the income statement, starting with "Income before income taxes," for 2018. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blossom Inc. Income Statement (Partial) Click if you would like to Show Work for this question: Open Show Work
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