Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Transcribed Image Text:Brent Inc. reported a loss of $540,000 in 2022. The company reported taxable income of $115,000 in 2020 and $229,000 in 2021. It has no permanent or temporary differences, and its tax rate is 25%. What is the
necessary journal entry for 2022? Brent reported taxable income of $258,000 in 2023. What is the necessary journal entry for 2023?
What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.)
Account
What is the necessary journal entry for 2023?
Account
December 31, 2022
December 31, 2023
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