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Wilcox Corporation reported the following results for its first three years of operation and the following tax rates: 2020 income (before income taxes) $ 280
Wilcox Corporation reported the following results for its first three years of operation and the following tax rates:
2020 income (before income taxes) $ 280 30%
2021 loss (before income taxes) (2,520) 30%
2022 income (before income taxes) 2,800 40%
There were no permanent or temporary differences during these three years. Assuming that Wilcox elects to use the carryforward provision and not the carryback provision, record journal entries for 2021 and 2022 (show computation):
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