90.2K

Verified Solution

Link Copied!

D Year Ivanhoe Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: 2021 2022 2023 2024 YouTube (a) Accounting Income (Loss) $131.000 Date 94,000 (304,000) Maps 229,000 Tax Rate 25 % 25 % 30 % The tax rates listed were all enacted by the beginning of 2021. Ivanhoe reports under the ASPE future income taxes method. 30 % Assume that Ivanhoe uses a valuation allowance to account for future tax assets, and also that it is more likely than not that 25% of the carryforward benefits will not be realized. Prepare the journal entries for 202 when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record benefit from loss carryback) (To record future benefit from loss carryforward) (To adjust future tax asset account to net realizable value) Debit ||||| Credit

Mapt \begin{tabular}{|c|c|c|c|} \hline Veer & \begin{tabular}{l} Aerouintivy \\ incober \\ flass \end{tabular} & \multicolumn{2}{|c|}{ Borate } \\ \hline 202 & syanos & 24 & x \\ \hline & 14000 & is: & x \\ \hline mes & 1906000 & m & x \\ \hline & 22000 & x & x \\ \hline \end{tabular} (a) Debit Credit

Answer & Explanation Solved by verified expert

See Answer