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Concord Corporation report

Concord Corporation report

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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Date Account Titles and Explanation (To record benefit from loss carryback.) (To recognize benefit of loss carryforward.) (To record future tax expense.) Show Transcribed Text carrytorward.) (To record future tax expense.) (To record current tax expense.) Ĉ Debit Credit
Transcribed Image Text:Date Account Titles and Explanation (To record benefit from loss carryback.) (To recognize benefit of loss carryforward.) (To record future tax expense.) Show Transcribed Text carrytorward.) (To record future tax expense.) (To record current tax expense.) Ĉ Debit Credit
Concord Corporation reported the following income for each of the years indicated. For each year, accounting income and income for tax purposes were the same. All tax rates indicated were enacted by the beginning of 2020. Concord's policy is to carry back any tax losses first before carrying forward any remaining losses to future years. Year 2020 2021 2022 2023 2024 2025 Income/ (Loss) 32,000 45,000 17,000 (111,000 ) (46,000) 82,000 Tax Rate 30% 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 loss carryforward benefits are judged more likely than not to be realized in the future. Concord follows the future income taxes method under 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.)
Transcribed Image Text:Concord Corporation reported the following income for each of the years indicated. For each year, accounting income and income for tax purposes were the same. All tax rates indicated were enacted by the beginning of 2020. Concord's policy is to carry back any tax losses first before carrying forward any remaining losses to future years. Year 2020 2021 2022 2023 2024 2025 Income/ (Loss) 32,000 45,000 17,000 (111,000 ) (46,000) 82,000 Tax Rate 30% 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 loss carryforward benefits are judged more likely than not to be realized in the future. Concord follows the future income taxes method under 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.)
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