How do make the tax-related journal entries

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Question - Accounting income or loss for Brock Corporation follows:

2017 $240,000

2018 375,000

2019 120,000

2020 (240,000)

2021 (570,000)

2022 195,000

2023 217,500

For all years above, the accounting income was the same as the taxable income. The tax rate for 2017 and 2018 was 30%. The tax rate for 2019 to 2023 was 25%.

Required - How do make the tax-related journal entries for 2019 to 2023. Brock Corp. believes that it will be able to use any loss carryforward in future years. Brock will use the available carryback provisions to the earliest years first. Include your calculations.

Reference no: EM132998096

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