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Accounting
Carla Vista Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024: Accounting Year Income (Loss) Tax Rate 2018 $73,000 25% 2019 21,000 25% 2020 59,000 25% 2021 86,000 30% 2022 (201,000) 35% 2023 69,000 30% 2024 91,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Carla Vista began business. The tax rates from 2021 to 2024 were enacted in 2021. Assume Carla Vista follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). (a) Prepare the journal entries to record income taxes for the years 2022 to 2024. Assume that Carla Vista uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (List all debit entries before credit entries. 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

Carla Vista Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024: Accounting Year Income (Loss) Tax Rate 2018 $73,000 25% 2019 21,000 25% 2020 59,000 25% 2021 86,000 30% 2022 (201,000) 35% 2023 69,000 30% 2024 91,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Carla Vista began business. The tax rates from 2021 to 2024 were enacted in 2021. Assume Carla Vista follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). (a) Prepare the journal entries to record income taxes for the years 2022 to 2024. Assume that Carla Vista uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (List all debit entries before credit entries. 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

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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Carla Vista Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024: Accounting Year Income (Loss) Tax Rate 2018 $73,000 25% 2019 21,000 25% 2020 59,000 25% 2021 86,000 30% 2022 (201,000) 35% 2023 69,000 30% 2024 91,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Carla Vista began business. The tax rates from 2021 to 2024 were enacted in 2021. Assume Carla Vista follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). (a) Prepare the journal entries to record income taxes for the years 2022 to 2024. Assume that Carla Vista uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (List all debit entries before credit entries. 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
Transcribed Image Text:Carla Vista Inc. reported the following accounting income (loss) and related tax rates during the years 2018 to 2024: Accounting Year Income (Loss) Tax Rate 2018 $73,000 25% 2019 21,000 25% 2020 59,000 25% 2021 86,000 30% 2022 (201,000) 35% 2023 69,000 30% 2024 91,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Carla Vista began business. The tax rates from 2021 to 2024 were enacted in 2021. Assume Carla Vista follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). (a) Prepare the journal entries to record income taxes for the years 2022 to 2024. Assume that Carla Vista uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (List all debit entries before credit entries. 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
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