The accounting income (loss) figures for Swifty Corporation are as follows:

2015 $165,000 2016 241,000 2017 85,000 2018 (165,000 ) 2019 (381,000 ) 2020 136,000 2021 152,000

Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remaining years.

Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Swifty Corporation uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future.

Question 5 ZYour answer has been saved and sent for grading. See Gradebook for score details. The accounting income (loss) figures for Swifty Corporation are as follows: 2015 $165,000 2016 241,000 201785,000 2018 (165,000) 2019 (381,000) 2020 136,000 2021152,000 11 THE AP12 SET Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume remaining years. Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and t assuming Swifty Corporation uses the carryback provision first. All income and losses relate to nor will onorato cubstantial taxable income in the future Credit account titles are automatically