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Patties Industries Inc. follows IFRS and reported the following taxable incomes/losses and tax rates for the first five years ended December 31:
General Information
2016: Taxable income (loss) = $50,000 Tax rate = 25%2017: Taxable income (loss) = (400,000) Tax rate = 40%2018: Taxable income (loss) = $100,000 Tax rate = 34%2019: Taxable income (loss) = $230,000 Tax rate = 34%2020: Taxable income (loss) = $620,000 Tax rate = 42%
Required:
Problem 1) Prepare the journal entry/entries on December 31, 2017 to record only the loss carryback and/or loss carryforward for the loss in 2017. Assume there are no uncertainties about the realization of the net loss reported on December 31, 2017 and that it was more likely than not for it to generate profits in the years following any loss.
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