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Question - The accounting income (loss) and related tax rates during the years 2015 to 2021 follows:
Year
Accounting income (loss)
Tax Rate
2015
$190,000
22%
2016
95,000
2017
(140,000)
2018
90,000
32%
2019
(320,000)
37%
2020
180,000
2021
240,000
27%
Accounting income (loss) and taxable income (loss) were the same for all years since the company began. The tax rates from 2018 to 2021 were enacted in 2018.
Required -
(a) Prepare the journal entries to record income taxes for the years 2017 to 2021. Assume the company uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year immediately following the loss.
(b) Indicate the effect on the December 31, 2019 balance sheet if the company follows ASPE. How would it be different if the company follows IFRS?
(c) Beginning with "Loss before income tax" show the bottom of the income statement for 2019.
(d) Beginning with "Loss before income tax" show the bottom of the income statement for 2020.
(e) Prepare the journal entries for the years 2019 to 2021 to record income taxes, assuming the company uses the carry back provision where possible but is uncertain if it will realize the benefits of any loss carry forward in the future. (Ignore valuation account method under ASPE).
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