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Question 2 (10 points) Abbott Company has pretax financial income (loss) equal to taxable income (loss) from 2019-2022. Year Taxable income Tax rate 2019 (10K)
Question 2 (10 points) Abbott Company has pretax financial income (loss) equal to taxable income (loss) from 2019-2022. Year Taxable income Tax rate 2019 (10K) 30% 2020 SOK 30% 2021 (150K) 30% 2022 100K 30% Assume net operating losses can carry forward and offset up to 80% taxable income in future years. Prepare journal entries to record the income tax and loss carry forward for 2019 to 2022. Put your JE for 2019 in the first box. Put your JE for 2020 in the second box. Put your JE for 2021 in the third box. Put your JE for 2022 in the fourth box
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