dont uplode images in answer 2022202320242025Current Tax ExpenseIncome Tax PayableIncome Tax ReceivableCurrent Tax Benefit(To record benefit from loss carryback.)Future Tax AssetFuture Tax Benefit(To recognize benefit of losscarryforward.)Future Tax LiabilityFuture Tax BenefitFuture Tax ExpenseIncome Tax Payable(To record future tax expense.)Current Tax ExpenseIncome Tax Payable700042560-2638770002840215680 Cullumber Corporation reported the following income for each of the years indicated. For each year, accounting income and incomefor tax purposes were the same. All tax rates indicated were enacted by the beginning of 2020. Cullumber's policy is to carry back anytax losses first before carrying forward any remaining losses to future years.Year202020212022202320242025Income/(Loss)30,00048,00020,000(112,000)(49,000 )80,000TaxRate30%33%35%38%32%32%Prepare the journal entries for the years 2022 to 2025 to record income taxes. Assume that, at the end of each year, the losscarryforward benefits are judged more likely than not to be realized in the future. Cullumber follows the future income taxes methodunder ASPE. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.)

What is meant by journal entries? It is the first step to record the financial transactions in the…

2022 2023 2024 2025 Current Tax Expense Income Tax Payable Income Tax Receivable Current Tax Benefit (To record benefit from loss carryback.) Future Tax Asset Future Tax Benefit (To recognize benefit of loss carryforward.) Future Tax Liability Future Tax Benefit Future Tax Expense Income Tax Payable (To record future tax expense.) Current Tax Expense 7000 42560 -26387 7000 28402 15680

2022 2023 2024 2025 Current Tax Expense Income Tax Payable Income Tax Receivable Current Tax Benefit (To record benefit from loss carryback.) Future Tax Asset Future Tax Benefit (To recognize benefit of loss carryforward.) Future Tax Liability Future Tax Benefit Future Tax Expense Income Tax Payable (To record future tax expense.) Current Tax Expense 7000 42560 -26387 7000 28402 15680

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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