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In 2019, its first year of operations, Harriet Inc. reported a loss for tax purposes. Harriet has a fiscal year end of June 30. Harriet follows ifrs. Harriet reported the following pre tax incomes (losses) for both financial reporting and tax purposes for its first 5 years:
Year Accounting Income (Loss) Tax Rate
2019 ($122,184) 29%
2020 733,104 29%
2021 896,831 29%
2022 (2,647,727) 37%
2023 1,303,703 37%
Required:
Question 1: Prepare journal entries for income tax for 2019 to 2023. Assume that losses are carried back, where applicable. It is more likely than not that the company will have sufficient future taxable income to use any tax losses available to be carried forward.
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