roseemariehunter12
07.05.2021 •
Business
Net Operating Loss, Carryback. Phlash Photo Labs, Ltd. provided you with the following information for the three years ended December 31.
Income (Loss)
Year Before Tax Tax Rate
1 $120,000 34%
2 70,000 25%
3 (280,000) 40%
Required:
a. Assuming no book-tax differences and no uncertainty regarding the realization of the tax benefits of the net operating loss carryforward, prepare the journal entry to record the tax expense for each of the three years presented above. The company always elects the carryback/carryforward option. Future tax rates are expected to remain unchanged.
b. Prepare a partial income statement for year 3.
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