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undefined View Policies Current Attempt in Progress Coronado Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss)
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View Policies Current Attempt in Progress Coronado Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $116,000 20 % 2019 89,000 20 % 2020 185,000) 25 % 2021 114,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credi 2018 Income Tax Expense 23200 Income Tax Payable 2019 Income Tax Expense 17800 Income Tax Payable 2020 Deferred Tax Asset 10625 Income Tax Expense (To record income taxes.) Income Tax Expense 10625 2021 28500 Allowance to Reduce Deferred Tax Asset to E (To record allowance.) Income Tax Expense Income Tax Payable Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Ex Income Tax Expense (To adjust allowance.) eTextbook and Media List of Accounts Prepare the income tax section of the 2020 income statement beginning with the line "Operating loss before income taxes" (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e... (451) Coronado Inc. Income Statement (Partial) For the Year Ended December 31, 2020 Operating Loss before Income Taxes $ Income Tax Benefit Deferred 10625 Net Income /(Loss) 74375 (85000) eTextbook and Media List of Accounts Prepare the income tax section of the 2021 income statement beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e-s. (451) Coronado Inc. Income Statement (Partial) For the Year Ended December 31, 2021 Income before Income Taxes Expenses $ Current Deferred (10625) Net Income / (Loss) eTextbook and Media List of AccountsStep by Step Solution
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