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Prepare the necessary journal entries for each year

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Question - For both GAAP and tax purposes, Raymond Incorporated reported the following pre-tax income (loss) for each of the years:

Year

Pre-tax income

Tax Rate

2018

$180,000

30%

2019

120,000

30%

2020

(400,000)

40%

2021

80,000

40%

Required - Prepare the necessary journal entries for each year 2018-2021 to record income tax expense (benefit) and income tax payable (refundable), and the tax effects of the loss carry forward.

Reference no: EM132590964

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