Year	Account Titles	Debit	Credit
2014	Income tax expense	32000
	Income tax payable [80,000*40%]		32000
2015	Income Tax Refund Receivable	72000
	Income tax refund refund due to loss carryback		72000
	[160,000*45%]
2016	Income Tax Refund Receivable	32000
	Income tax refund		32000
	[80,000*40%]
	Deferred tax asset	120000
	Income tax refund		120000
	[380,000-80,000]*40%
2017	Income tax expense	48000
	Deferred tax asset		48000
	[120,000*40%]
2018	Income tax expense	40000
	Deferred tax asset		40000
	[100,000*40%]

how come you didnt account for the deferred tax asset in 2015 like in 2016?

loss contingency. Nadal' these temporary differences as follows and deductible aoue a s accounting department has developed a schedule of future taxable 2017201820192120 $-10,000 $60,000 580,000 550,000 Taxable anounts 5000 19,000 580 0000 35,000 41,000 8.0uo Pretax As of the beginning of 2016, te enacted tax rate is 31% for 2016 and 2017, and 38% for 2018-2021 At the beg company had no deferred income taxes on its balance sheet. Taxable income for 2016 is $500,000. Taxable in fut likely than Instructio (a) W (b) I ure years. Instructions la) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes (b) Indicate how defcrred income taxes would be classified on the balance sheet at the end of 2016 able for 2n (c) W (d) E (e) V E19-20 (L01,2,4) (Two Differences, One Rate, First Year) The differences between the book hasis and ta and liabilities of Castle Corporation at the end of 2016 are presented below E19-23 Inc. repor Tax Basis Buok Basis $50,000 30,000 Accounts receivable Litigation liability It is estimated thal the litigation liability will be settled in 2017. The differenice in accounts receivable w of $30,000 in 2017 and $20,000 in 2018. The company has taxable income of $350,000 in 2016 and is expe in each of the following 2 years. Its enacted tax rate is 34% for all years. This is the company's first yea ing cycle of the business is 2 years. taxublkin Instructions The tax (a) Prepare the journal entry to record income tax expense, deferred income taxes, and income (b) Indicate how deferred income taxes will be reported on the balance sheet at the end of 2016 s payable e fror 20h Instruc E19-21 (L03) (Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The cial incorne (or loss) figures for Jenny Spangler Company are as follows. pretas S $160,000 250,000 80,000 (160,000) (380,000) 120,000 100,000 2012 2013 2014 2015 (d 2017 2018 E19-2 preta opera Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45%tax rate for 2 and 2013 and a 40% tax rate for the remaining years. Instructions Prepare the journal entries for the years 2014 to 2018 to record income tax expense and the effects of the net operating lis oan backs and carryforwards assuming Jenny Spangler Company uses the carryback provision. All income and losses relate a operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary E19-22 (Lo3) (Two NOLs, No Temporary Differences, No Valuation Account, Entries and Income Statement rexit Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as