Carryforward and carryback of nol no valuation account no

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Reference no: EM13370670

Carryforward and Carryback of NOL, No Valuation Account, No Temporary Differences)

The pretax financial income(or loss) figures for Synergetics Company are as given.

2006 $160,000
2007 250,000
2008 90,000
2009 (160,000)
2010 (350,000)
2011 120,000
2012 100,000

Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Suppose a 45% tax rate for 2006 and 2007 and a 40% tax rate for the remaining years.

Prepare journal entries for the years 2008 to 2012 to record income tax expense and the effects of net operating loss carrybacks and carryforwards suppose Synergetics Company uses the carryback provision. All income and losses relate to normal operations.( In recording the benefits of a loss carryforward, assume that no valuation account is deemed required.)

Reference no: EM13370670

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