Record the tax effect of the above for 2019 

Show the income tax section and loss section of the income statement for 2019 

Record the tax effect of the above for 2021 , taking into consideration the effect of 2020. 

 Show the income tax section and loss section of the income statement for 2021

 

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Below are the taxable profits and losses for the past few years along with the tax rates on income reported for Olive Company. 2019 2020 2021 Income ($275,000) $70,000 $260,000 Tax Rate 20% 20% 20% Olive elects to use the carry forward procedures with no valuation allowance and strongly anticipates future profits to recover losses. Below are the taxable profits and losses for the past few years along with the tax rates on income reported for Olive Company. 2019 2020 2021 Income ($275,000) $70,000 $260,000 Tax Rate 20% 20% 20% Olive elects to use the carry forward procedures with no valuation allowance and strongly anticipates future profits to recover losses.

Answer rating: 100% (QA)

2019 Income Statement Sales Revenue 0 Cost of Goods Sold 0 Gross Profit 0 Operating Expenses 0 Opera... View the full answer