B10. profile-image Neasha Corporation reported the following income/loss before taxes on the tax return: There are no other timing or permanent differences between books and tax. Pretax Financial Income Enacted Tax Rates 2016 $100,000 30% 2017 ($1,200,000) 30% 2018 $900,000 40% 2019 $500,000 45% Assuming that Neasha elects to use the carryback provision, prepare the journal entry for 2017 and 2018. Assume that any deferred tax asset recognized is more likely than not to be realized. Can you tell me how to calculate the NOL carryback and carryforward for this problem? Thanks!

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Q: an someone help me with this question please?

A: Step 1 Journal is the part of book keeping.

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.