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Prepare the income tax section of the income statement

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Reference no: EM133038914

Question - Net Operating Losses - The pretax financial income or loss figures for Wenatchee Inc. are as follows:

Year

Income (loss)

Tax Rate

2019

(200,000)

20

2020

150,000

20

2021

100,000

20

Required -

a. Prepare the journal entries for the years 2019-2021 assuming Wenatchee uses the carryforward provision.

b. Prepare the income tax section of the 2020 income statement.

Reference no: EM133038914

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