FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Kk.252.

 

Sharon Lee Corporation has pretax financial income (or loss) from 2020 through 2026 as follows. 2020 2021 2022 2023 2024 2025 2026 Income (Loss) Tax Rate $67,200 (98,000) 126,000 42,000 147,000 (84,000) 178,000 (a) 25% 20% 20% benefi 20% Deferred Tax Asset 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Lee has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. 25% 25% Your answer is incorrect. What entry for income taxes should be recorded for 2021? (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit 98000 Credit 98000
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Transcribed Image Text:Sharon Lee Corporation has pretax financial income (or loss) from 2020 through 2026 as follows. 2020 2021 2022 2023 2024 2025 2026 Income (Loss) Tax Rate $67,200 (98,000) 126,000 42,000 147,000 (84,000) 178,000 (a) 25% 20% 20% benefi 20% Deferred Tax Asset 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Lee has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. 25% 25% Your answer is incorrect. What entry for income taxes should be recorded for 2021? (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit 98000 Credit 98000
(b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed heart will be available when you complete the part above. Deferred Tax Asset (f) The parts of this question must be completed in order. This part will be available when you complete the part above.
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Transcribed Image Text:(b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed heart will be available when you complete the part above. Deferred Tax Asset (f) The parts of this question must be completed in order. This part will be available when you complete the part above.
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