Use the following information for questions 1,2 and 3 . For its first year of operations, YY Corporation's reconciliation of pretax accounting income to taxable income is as follows: YY's tax rate is 40%. Assume that no estimated taxes have been paid. 1. What should YY report as income tax payable for its first year of operations? ( 3 points) 2. What should YY report as its deferred income tax liability (amount) as of the end of its first year of operations? ( 3 points) 3. Prepare the appropriate journal entry to record income taxes for this year. (4 points) tax rate of 30%. 7. If CC uses the carryback provision, what (net loss) is reported in 2022 Income Statement? Show the lower portion of the 2022 income statement that reports the income tax benefit of the net operating loss. ( 3 points) "NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume CC is one of those businesses." 8. Prepare the journal entry to recognize the income tax benefit of net operating loss (NOL). (4 points) 9. Operating income and tax rates for WW Company's first three years of operations were as follows: WW Company reported a Net Operating Loss (NOL) for 2023. Assume net operating loss carryforward. What is the amount of deferred tax asset that WW Company would report on its December 31, 2023 Balance Sheet? Show the lower portion of the 2023 income statement that reports the income tax benefit of the net operating loss. (3 points) (You must need to indicate which kind of deferred and the amount.) 4. QQ Inc. had pretax accounting income of $291,000 and taxable income of $300,000 in 2022 . The only difference between accounting and taxable income is estimated product warranty costs of $9,000 for sales in 2022 . Warranty payments are expected to be in equal amounts over the next three years (2023-2025) and will be tax deductible at that time. The enacted tax rate is 25%. Determine the amounts necessary to record QQ Ine, income taxes for 2022 and prepare the iournal entry. (4 points) 6. JJ's balance sheet at the end of its first year would report a deferred tax liability or deferred tax asset for the amount of: (You must need to indicate which kind of deferred and the amount.) (3 points) Use the following information for questions 1,2 and 3 . For its first year of operations, YY Corporation's reconciliation of pretax accounting income to taxable income is as follows: YY's tax rate is 40%. Assume that no estimated taxes have been paid. 1. What should YY report as income tax payable for its first year of operations? ( 3 points) 2. What should YY report as its deferred income tax liability (amount) as of the end of its first year of operations? ( 3 points) 3. Prepare the appropriate journal entry to record income taxes for this year. (4 points) tax rate of 30%. 7. If CC uses the carryback provision, what (net loss) is reported in 2022 Income Statement? Show the lower portion of the 2022 income statement that reports the income tax benefit of the net operating loss. ( 3 points) "NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume CC is one of those businesses." 8. Prepare the journal entry to recognize the income tax benefit of net operating loss (NOL). (4 points) 9. Operating income and tax rates for WW Company's first three years of operations were as follows: WW Company reported a Net Operating Loss (NOL) for 2023. Assume net operating loss carryforward. What is the amount of deferred tax asset that WW Company would report on its December 31, 2023 Balance Sheet? Show the lower portion of the 2023 income statement that reports the income tax benefit of the net operating loss. (3 points) (You must need to indicate which kind of deferred and the amount.) 4. QQ Inc. had pretax accounting income of $291,000 and taxable income of $300,000 in 2022 . The only difference between accounting and taxable income is estimated product warranty costs of $9,000 for sales in 2022 . Warranty payments are expected to be in equal amounts over the next three years (2023-2025) and will be tax deductible at that time. The enacted tax rate is 25%. Determine the amounts necessary to record QQ Ine, income taxes for 2022 and prepare the iournal entry. (4 points) 6. JJ's balance sheet at the end of its first year would report a deferred tax liability or deferred tax asset for the amount of: (You must need to indicate which kind of deferred and the amount.) (3 points)