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Your answer is partially correct. Try again. The pretax financial income (or loss) figures for Bonita Company are as follows. 2015 2016 2017 2018 2019
Your answer is partially correct. Try again. The pretax financial income (or loss) figures for Bonita Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $173,000 246,000 82,000 (173,000) (376,000) 128,000 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (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 o for the amounts.) Account Titles and Explanation Debit Credit 2017 Income Tax Expense 16,400 Income Tax Payable 16,400 2018 x Income Tax Refund Receiv 43,250 Benefit Due to Loss Car 43,250 2019 Deferred Tax Asset 58,800 Benefit Due to Loss Car 58,800 2020 Income Tax Expense 25,600 Deferred Tax Asset 25,600 2021 Income Tax Expense 21,000 Deferred Tax Asset 21,000
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