The pretax financial income (or loss) figures for Shamrock Company are as follows. 2022 $81,000 2023 (51,000) 2024 (35,000) 2025 2026 111,000 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (List all debit entries before credit entries. Credit account titles are automatically indented when
The pretax financial income (or loss) figures for Shamrock Company are as follows. 2022 $81,000 2023 (51,000) 2024 (35,000) 2025 2026 111,000 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (List all debit entries before credit entries. Credit account titles are automatically indented when
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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