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Gupta Incorporated operates in an industry for which NOL carryback is not allowed, and had...

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Accounting

Gupta Incorporated operates in an industry for which NOL carryback is not allowed, and had the following pretax income (loss) over its first three years of operations:
2022 $ (1,750,000)
2023(1,350,000)
20242,100,000
For each year there were no deferred income taxes. The tax rate was 25% in all years. No valuation account was deemed necessary for the deferred tax asset as of December 31,2023.
Required:
Prepare the journal entry to record Gupta's tax provision for the year 2024.
- Income tax expense
- Income tax payable
-Deffered tax asset
Compute Gupta's net income or net loss for 2024.

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