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The pretax financial income (or loss) figures for Skysong Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the same

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The pretax financial income (or loss) figures for Skysong Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the same for all years imvolved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (in recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (Credit occount titles are outomoticolly lindented when amount is entered. Do not indenit manuaby if no entry is required, select "No Entry' for the account tities and enter O for the amounts.)

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