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Wynn Sheet Metal reported an operating loss of S190,000 for financial reporting and tax purposes in 2019. The enacted tax rate for all years is

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Wynn Sheet Metal reported an operating loss of S190,000 for financial reporting and tax purposes in 2019. The enacted tax rate for all years is 30%. Future taxable incomes (estimated) and future tax rates (already enacted) for the next three years are as follows (at the end of 2022, it's expected that Wynn will liquidate): Estimated Taxable incomes 2020 $60,000 2021 $80,000 2022 $70,000 Required: (a) Prepare the journal entry (2019) to recognize the future income tax benefit of the operating loss. (b) Give entries for 2020 through 2022 assuming the following actual realized) taxable incomes occur: Actual Taxable Incomes 2020 $80,000 2021 $70,000 2022 $90,000 (c) Give entries for 2020 through 2022 assuming the following actual (realized) taxable incomes occur Actual Taxable incomes 2020 $40,000 2021 $50,000 2022 $70,000

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