Current Attempt in Progress Wildhorse Inc. reported the following pretax income (loss) and related tax rates during the years 2024-2027. 2024 2025 2026 2027 Pretax Income (loss) Tax Rate $91,000 (191,000) (a) 241,000 82,600 40% 40% 20% 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Wildhorse began business. The tax rates from 2024-2027 were enacted in 2024. Prepare the journal entries for the years 2025-2027 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Wildhorse 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 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.)

Current Attempt in Progress Wildhorse Inc. reported the following pretax income (loss) and related tax rates during the years 2024-2027. 2024 2025 2026 2027 Pretax Income (loss) Tax Rate $91,000 (191,000) (a) 241,000 82,600 40% 40% 20% 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Wildhorse began business. The tax rates from 2024-2027 were enacted in 2024. Prepare the journal entries for the years 2025-2027 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Wildhorse 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 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.)

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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