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Question - Carryback and Carryforward
The pretax financial income (or loss) figures for Bryan Clark Company are as follows.
2016 - $ 88,000
2017 - 137,500
2018 - 44,000
2019 - (88,000)
2020 - (191,900)
2021 - 66,000
2022 - 55,000
Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016 and 2017 and a 25% tax rate for the remaining years.
Prepare the journal entries for the years 2015-2019 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Bryan Clark 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.)
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