Solution-What entry for income taxes should be recorded

What entry for income taxes should be recorded

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Reference no: EM132526771

Question - Splish Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows:

	Income (Loss)	Tax Rate
2009	$32,480	30%
2010	44,800	30%
2011	19,040	35%
2012	53,760	50%
2013	(168,000)	40%
2014	100,800	40%
2015	33,600	40%
2016	117,600	40%
2017	(67,200)	45%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Splish has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carry forward, assume that it is more likely than not that the related benefits will be realized.

What entry for income taxes should be recorded in 2014?

Reference no: EM132526771

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What entry for income taxes should be recorded

Reference no: EM132526771

Reference no: EM132526771

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