2. (NOL Carryback and Carryforward, Valuation Account versus No Valuation Account) Public ...
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Accounting
| 2. (NOL Carryback and Carryforward, Valuation Account versus No Valuation Account) Public | |||||||||||
| Wares Corporation reports the following pretax income (loss) for both financial reporting purposes and tax purposes. | |||||||||||
| (Assume the carryback provision is used for a net operating loss and 2013 is the companys first year of operations.) | |||||||||||
| Year | Pretax Income (Loss) | Tax Rate | |||||||||
| 2013 | $230,000 | 40% | |||||||||
| 2014 | -335,000 | 40% | |||||||||
| 2015 | -50,000 | 40% | |||||||||
| 2016 | 265,000 | 40% | |||||||||
| Prepare the journal entries for the years 2013 through 2016 to record income tax expense (benefit) and income tax payable (refundable) | |||||||||||
| and the tax effects of the loss carryback and carryforward, assuming that the benefits of any loss carryforwards are judged more likely than not to be realized in the future. | |||||||||||
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