Prepare the journal entries to record income tax expense

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Reference no: EM131960870

Problem

The pre-tax Financial income or loss figures for Jenny Spangler company are as follows 2009 was $178,200, 2010 was $263,600, 2011 was $82,700, 2012 was a negative $178,200, 2013 was a negative $383,300, 2014 was $126,100, and 2015 was $117,000
pre-tax Financial income or loss in taxable income or loss or the same for all years involved. Assume a 45% tax rate for 2009 in 2010 and a 40% tax rate for the remaining years.

Prepare the journal entries for the years 2011 to 2015 to record income tax expense at the effects of the net operating loss carry-back and carry-forward assuming Jenny Spangler company uses of the carryback provision. All income and losses related relate to normal operations.

In 2011 there are two journal entries to record income tax expense, into 2012 there are two journal entries, in 2013 there are two journal entries to record carry-back and two journal entries to record carryforward in 2014 there are two journal entries, and in 2015 there are two journal entries.

Reference no: EM131960870

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