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Question 1 (8 points) Listen Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024: Year
Question 1 (8 points) Listen Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024: Year Accounting Income (Loss) 2018 $70,000 Tax rate 25% 2019 $20,000 25% 2020 $50,000 30% 2021 $80,000 30% 2022 $(100,000) 35% 30% $90,000 25% 2023 $30,000 2024 Prepare Journal entries for the years 2022 to 2024 to record income taxes, assuming that Carly uses the carry back provision where possible but is uncertain if it will realize the benefits of any loss carryforward in the future. Carly does not use valuation allowance.
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