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Problem - The Amarillo Corporation reported the following income for both accounting and tax purposes:
Year
Pretax Income
Enacted Tax Rates
2011
$120,000
25%
2012
80,000
28%
2013
100,000
30%
2014
(360,000)
Amarillo Corporation uses the carryback provision for net operating losses when possible. The enacted tax rate for 2014 and future years is 30%. Company management believes that based on an evaluation of the positive and negative evidence that at the end of 2014 it is more likely than not that 40% of any deferred tax asset will not be realized.
Required -
a) Prepare the entries for income tax expense/benefit and any related assets and liabilities for the Amarillo Corporation for 2014.
b) What is the total amount of income tax expense/benefit the company would report in the income statement for 2014?
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