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The pretax financial income (or loss) figures for Blossom Company are as follows.

2021 $365,000

2022 $119,300

2023 (228,400)

2024 (203,300)

2025 163,000

2026 123,000

Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2021 and 2022, and a 20% tax rate for the remaining years.

Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Blossom Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.)

The pretax financial income (or loss) figures for Blossom Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2021 and 2022 and a 20% taxrate for the remaining years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Biossom Company uses the carryback provision, All income and fosses relate to normal operations. (in recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (List ali deblt entries before credit entries. Credit account titles are automotically indented when the amount is entered. Do not indent manualy. If no entry is Yired, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Question 7 of 7 1.23/2 2022 Income Tax Expense 53640 Income Tax Payable 53640 2023 Deferred Tax Asset 45680 Income Tax Expense 45680 2024 Deferred Tax Asset 40600 Income Tax Expense (To record loss carryback) 2024 Deferred Tax Asset 40600 Income Tax Expense (To record loss carryforward) 2025 Income Tax Expense 32600 Deferred Tax Asset Incorne Tax Piyzable 2026 income Tax Expense 24600 Income Tax Payable 24600

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