Question
the pretax financial income (or loss) figures for metlock company are as follows 2022- 77000; 2023-(49000); 2024-(44000); 2025-125000; 2026-95000. pretax financial income (or loss) and
the pretax financial income (or loss) figures for metlock company are as follows 2022- 77000; 2023-(49000); 2024-(44000); 2025-125000; 2026-95000. pretax financial income (or loss) and taxable (loss) were the same for all years involved. Assumed a 20% tax rate for all years. Prepare the journal entries for the years 2022 and 2026 to record income tax expense and the effects of the net operating loss carry forwards. all income and losses related to normal operations (in recording the benefits of a loss carry forward assume that no valuation account is deemed necessary
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