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Prepare the journal entries for the years 2014 to 2018

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Question

The pretax financial income (or loss) figures for Culver Company are as follows.

2012 $163,000

2013 232,000

2014 76,000

2015 (163,000 )

2016 (391,000 )

2017 128,000

2018 102,000

Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2012 and 2013 and a 40% tax rate for the remaining years.

Prepare the journal entries for the years 2014 to 2018 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Culver Company uses the carryback provision.

All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)

Reference no: EM132380876

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