Kingbird Corporation had the following tax information. Year   Taxable Income   Tax Rate   Taxes Paid 2018   $306,000   35 %   $107,100 2019   331,500   30     99,450 2020   408,000   30     122,400 In 2021, Kingbird suffered a net operating loss of $489,600, which it elected to carryback. The 2021 enacted tax rate is 29%.

Vishnu

Wynn Farms reported a net operating loss of $180,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2017 2018 Taxable Tax Income Rates $ 80,000 20% 90,000 20 Income Taxes Paid $16,000 18,000 2019 160,000 25 2020 80,000 35 40,000 28,000 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. NOL carrybacks are not allowed for most…

A company made $49,000 in installment sales in 2021 and will receive payment from customers in 2022-2025.   Taxable income for 2021 is $588,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021.   What amount of income tax expense should the company report at the end of 2021?