because those are incorrect!!! please show all the calculations and journal entries in the same format bellow.Thank you Taxable income and applicable tax rates for C.J. Company’s first four years are shown below. For each year, taxable income and pretax financial income are identical. In the table below, taxable income is before any consideration of NOL carryback and carryforward. The enacted tax rates were known at 1/1/2018. Taxable Income Enacted tax rate 2018 $200 20% 2019 ($300)
Please answer the questions fully and leave the correct answer, do not copy the answer from online because those are incorrect!!! please show all the calculations and journal entries in the same format bellow.Thank you
Taxable income and applicable tax rates for C.J. Company’s first four years are shown below. For each year, taxable income and pretax financial income are identical. In the table below, taxable income is before any consideration of NOL carryback and carryforward. The enacted tax rates were known at 1/1/2018.
Taxable
Income Enacted tax rate
2018 $200 20%
2019 ($300) 15%
2020 $340 25%
2021 $210 25%
1- Now assume that C.J. opted to carryback its 2019 NOL and carryforward any unused NOL to future years. Complete the table below for 2018 through 2021 to show the amount of income tax payable to the IRS or the refund due from the IRS for each year. Put your answer in the table below. Show tax payable as a positive number and tax refund as a negative number.
Year Tax payable Calculations .
2018
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2020
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2021
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2- Make journal entries for 2018, 2019, and 2020 related to income taxes. Assume that C.J. provides a valuation allowance for any carryforward because the company expects that only 15% of the carryforward will be realized. Provide supporting calculations (except for taxes payable to or refund available from the IRS) following each
Journal entries refer to the process of noting all the daily activities or transactions of a company in its books in order to regulate all the transactions of the company.
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