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Prepare the lower portion of Keil income statement

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Reference no: EM132891101

Problem - Operating Loss At the end of 2019, Keil Company reports a pretax operating loss of $80,000 for both financial reporting and income tax purposes. Prior to 2019, Keil had been successful and is expected to be successful in the future. The tax rate for 2019 and future years is 21%.

Required -

1. Prepare Keil's income tax journal entry at the end of 2019.

2. Prepare the lower portion of Keil's 2019 income statement.

Reference no: EM132891101

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