x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the income tax section of the 2020 income statment beginning with the line "operating loss before income taxes" Prepare the income tax section of the 2021 income statment beginning with the line "operating loss before income taxes" I have the journal entries I need the income statment -prepare journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.
x Company reports the following pretax income (loss) for both book and tax purposes.
Year. Pretax income tax rate
2018 120,000 20%
2019 93,000 20%
2020. (82,000) 25%
2021 110,000 25%
The tax rates listed were enacted by the beginning of 2018
Prepare the income tax section of the 2020 income statment beginning with the line "operating loss before income taxes"
Prepare the income tax section of the 2021 income statment beginning with the line "operating loss before income taxes"
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