Show the journal entries for the years

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Question - The pretax financial income (or loss) figures for Concord Company are as follows.

2015 - $166,000

2016 - 258,000

2017 - 77,000

2018 - (166,000)

2019 - (384,000)

2020 - 131,000

2021 - 105,000

Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years.

Show the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)

Reference no: EM132557062

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