2018 2019 2020 2021 (a) 2018 $131.000 97,000 (306,000) 223.000 The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes method. 2019 2020 Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (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) 2021 25 % 25 % Deferred Tax Expense 30 % de 30 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried hack, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (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) Date Account Titles and Explanation and Evnlanation (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) (To record current tax expense) (To record deferred tax expense). Debit Debit Credit Credit
2018 2019 2020 2021 (a) 2018 $131.000 97,000 (306,000) 223.000 The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes method. 2019 2020 Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (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) 2021 25 % 25 % Deferred Tax Expense 30 % de 30 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried hack, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (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) Date Account Titles and Explanation and Evnlanation (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) (To record current tax expense) (To record deferred tax expense). Debit Debit Credit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
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