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Sheffield Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Accounting Tax Year Income (Loss) Rate 2015
Sheffield Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Accounting Tax Year Income (Loss) Rate 2015 $ 68,000 25% 2016 28,000 25% 2017 59,000 25% 2018 80,000 30% 2019 (203,000) 35% 2020 68,000 30% 2021 89,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Sheffield began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Sheffield Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). Prepare the journal entries to record income taxes for the years 2019 to 2021. Assume that Sheffield uses 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 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.) Year Account Titles and Explanation Debit Credit 2019 v (To record benefit from loss carryback) 2019
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