Tamarisk Inc. reported the following pretax income (loss)and related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
Pretax financial income (loss) and taxable income (loss) were thesame for all years since Tamarisk began business. The taxrates from 2019–2022 were enacted in 2019.
Tamarisk Inc Reported The Following Pretax Income Loss And Related Tax Rates During The Years 2019 2022 Pretax Incom 1 (36.61 KiB) Viewed 15 times
Part 1 Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Tamarisk expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (Credit account titles are automatically indented when amount entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation 2020 2021 2022 Debit Credit
Part 2 Prepare the portion of the income statement, starting with "Operating loss before income taxes," for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Tamarisk Inc. Income Statement (Partial) ► LA $ HA 111
Part 3 Prepare the portion of the income statement, starting with "Income before income taxes," for 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Tamarisk Inc. Income Statement (Partial) << II LA $
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