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Backus Inc. reported a loss of $500,000 in 2022. The company reported taxable income of $125,000 in 2020 and $230,000 in 2021. It has no permanent or temporary differences, and its tax rate is 35%. What is the necessary journal entry for 2022? Backus reported taxable income of $250,000 in 2023. What is the necessary journal entry for 2023? What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.) Account December 31, 2022

Backus Inc. reported a loss of $500,000 in 2022. The company reported taxable income of $125,000 in 2020 and $230,000 in 2021. It has no permanent or temporary differences, and its tax rate is 35%. What is the necessary journal entry for 2022? Backus reported taxable income of $250,000 in 2023. What is the necessary journal entry for 2023? What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.) Account December 31, 2022

FINANCIAL ACCOUNTING
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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Backus Inc. reported a loss of $500,000 in 2022. The company reported taxable income of $125,000 in 2020 and $230,000 in 2021. It has no permanent or temporary differences, and its tax rate is 35%. What is the necessary journal entry for 2022? Backus reported taxable income of $250,000 in 2023. What is the necessary journal entry for 2023? What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.) Account December 31, 2022
Transcribed Image Text:Backus Inc. reported a loss of $500,000 in 2022. The company reported taxable income of $125,000 in 2020 and $230,000 in 2021. It has no permanent or temporary differences, and its tax rate is 35%. What is the necessary journal entry for 2022? Backus reported taxable income of $250,000 in 2023. What is the necessary journal entry for 2023? What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.) Account December 31, 2022
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