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  3. kingbird inc. reports the following pretax income

Kingbird Inc. reports the following pretax income (loss) for both financial reporting purposes and tax...

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Accounting

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Kingbird Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Kingbird Inc. follows IFRS. Year 2020 2021 2022 2023 Accounting Income (Loss) $140,000 96,000 (266,000) 146,000 Tax Rate 18% 18% 16% 16% The tax rates were all enacted by the beginning of 2020. Prepare the journal entries for the years 2020 to 2023 to record income taxes, assuming the tax loss is first carried back and that at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record benefit from loss carryback) (To record deferred tax benefit from loss carryforward.) (To record current tax expense.) (To record deferred tax expense.)

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