Solution-Prepare the journal entries for the years

Prepare the journal entries for the years

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Reference no: EM132432267

Question - Starlight reported the following pretax financial income (loss) for the years 2015-2019.

	Pretax Income (Loss)	Tax Rate
2017	330,000	35%
2018	(60,000)	35%
2019	(800,000)	21%
2020	30,000	21%

Pretax financial income (loss) and taxable income (loss) were the same for all years involved.

Instruction - Prepare the journal entries for the years 2018 to 2020 to record income tax expense and the effects of the net operating loss carry forwards. Additionally, assume that on December 31, 2019, based on the weight of available evidence, the company judged that more likely than not that one-fifth of the benefits of the loss carry forward will not be realized.

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Prepare the journal entries for the years

Reference no: EM132432267

Reference no: EM132432267

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