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The accounting income (loss) figures for Sarasota Corporation are as follows: Accounting income (loss) and taxable income (loss) were the same for all years imvolved.

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The accounting income (loss) figures for Sarasota Corporation are as follows: Accounting income (loss) and taxable income (loss) were the same for all years imvolved. Assume a 30% thx rate for 2018 and 2019. and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2020 to 2024 to record income tax expense and the effects of the tax loss carrytaicks and carryforwards, assuming Sarasota uses the carryback provision first. All incorne and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (List off debil entries before credit entries Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter ofor the amounts.)

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