Concord Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes:...

 

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Concord Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2018 2019 2020 2021 Accounting 2020 Income 2021 (Loss) $129,000 97,000 (300,000) 221,000 Tax Rate 25 % 25 % 30 % The tax rates listed were all enacted by the beginning of 2018. Concord reports under the ASPE future/deferred income taxes method. Prepare the journal entries for 2020 and 2021. Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. (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.) 30 % Date Account Titles and Explanation (To record benefit from loss carryback.) (To record future benefit from loss carryforward.) (To record current tax expense.) (To record deferred tax expense.) Debit Credit Concord Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2018 2019 2020 2021 Accounting 2020 Income 2021 (Loss) $129,000 97,000 (300,000) 221,000 Tax Rate 25 % 25 % 30 % The tax rates listed were all enacted by the beginning of 2018. Concord reports under the ASPE future/deferred income taxes method. Prepare the journal entries for 2020 and 2021. Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. (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.) 30 % Date Account Titles and Explanation (To record benefit from loss carryback.) (To record future benefit from loss carryforward.) (To record current tax expense.) (To record deferred tax expense.) Debit Credit

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