Make all the tax related journal entries

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Reference no: EM132817329

Question - YTQ Corporation has the following tax history:

Year

Taxable Income/(Loss)

Enacted tax rate

2013

$250,000

40%

2014

$150,000

40%

2015

$220,000

35%

2016

$280,000

35%

2017

$(970,000)

30%

There were no temporary or timing differences in any of the years. There were entertainment costs of $25,000 in each of the years listed that were incurred by the company. The appropriate amount of deductible entertainment costs was reflected in the tax returns filed.

Required - Make all the tax related journal entries for 2017. YTQ is in desperate need of cash due to the loss suffered in 2017.

Reference no: EM132817329

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