Exercise 19-23 (Part Level Submission) Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year 2018 2019 2020 2021 Pretax Income (Loss) Tax Rate $120,000 90,000 17% 17% 19% 19% (200,000) 300,000 The tax rates listed were all enacted by the beginning of 2018. (a) Your answer is partially correct. Try again. Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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 0 for the amounts.) Date Account Titles and Explanation 2018 Income Tax Expense Debit 20,400 ☑ Income Tax Payable 2019 Income Tax Expense 15,300 Income Tax Payable Credit 20,400 15,300
Exercise 19-23 (Part Level Submission) Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year 2018 2019 2020 2021 Pretax Income (Loss) Tax Rate $120,000 90,000 17% 17% 19% 19% (200,000) 300,000 The tax rates listed were all enacted by the beginning of 2018. (a) Your answer is partially correct. Try again. Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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 0 for the amounts.) Date Account Titles and Explanation 2018 Income Tax Expense Debit 20,400 ☑ Income Tax Payable 2019 Income Tax Expense 15,300 Income Tax Payable Credit 20,400 15,300
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 4P: Interperiod Tax Allocation Klerk Company had four temporary differences between its pretax financial...
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![Exercise 19-23 (Part Level Submission)
Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes.
Year
2018
2019
2020
2021
Pretax Income
(Loss)
Tax Rate
$120,000
90,000
17%
17%
19%
19%
(200,000)
300,000
The tax rates listed were all enacted by the beginning of 2018.
(a)
Your answer is partially correct. Try again.
Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at
the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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 0 for the amounts.)
Date Account Titles and Explanation
2018
Income Tax Expense
Debit
20,400
☑
Income Tax Payable
2019
Income Tax Expense
15,300
Income Tax Payable
Credit
20,400
15,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd188812d-3e0e-4897-8ad0-f76da0b73fe8%2F17ca6a4c-0ad9-4f70-a211-474bbb5bc0c5%2Fqzrf5u_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 19-23 (Part Level Submission)
Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes.
Year
2018
2019
2020
2021
Pretax Income
(Loss)
Tax Rate
$120,000
90,000
17%
17%
19%
19%
(200,000)
300,000
The tax rates listed were all enacted by the beginning of 2018.
(a)
Your answer is partially correct. Try again.
Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at
the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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 0 for the amounts.)
Date Account Titles and Explanation
2018
Income Tax Expense
Debit
20,400
☑
Income Tax Payable
2019
Income Tax Expense
15,300
Income Tax Payable
Credit
20,400
15,300
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