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Sheridan Inc reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Sheridan inc. follows IFRS. The tax ntes were all
Sheridan Inc reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Sheridan inc. follows IFRS. The tax ntes were all enacted by the beginning of 2023 . Prepare the journal entries for the years 2023 to 2026 to record income taxes, assuming the tax loss is first carried back and that at the end of each year, the loss carryforward benefits are judged more likely than not to be reallized in the future, (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 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Question 3 of 7 4.5/15 2025 Current Tax Expense 126940 Current Tax Benefit 126940 (To record benefit from loss carryback) 2025 Current Tax Expense 126940 Incorne Tax Payable \begin{tabular}{r} \hline 126940 \\ \hline \\ \hline \end{tabular} \begin{tabular}{r} \hline \\ \\ 126940 \end{tabular} (To record deferred tax benefit from loss carryforward) 2026 Current Tax Expense 91000 Income Tax Parnable Q \begin{tabular}{r} \hline 91000 \\ \hline \\ \hline \\ \hline \end{tabular} (To record current tax expense) Fincene tax Pyintle 2026 Deferted Tax Expense 91060 Income Tox Payabie \begin{tabular}{r} 91000 \\ \hline \\ \hline \end{tabular} (To record deferred tax expense)
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