Bling Empire began operations in $2021.$ The company reported the following operating income $($loss$)$ amounts:

$2021150,000$

$2022100,000$

$2023(425,000)$

$2024450,000$

In $2023,$ Bling Empire elected to carry back its operating loss. The enacted income tax rate, known one year in advance, was $40\%$ for $2021-2023$ and $30\%$ for $2024.$

a$)$ Determine the amount to be reported by Bling Empire in its $2024$ income statement as future and current income tax expense.

$2024$ Current Tax Expense

b$)$ Determine the amount to be reported by Bling Empire in its $2024$ income statement as current income tax payable.

c$)$ Prepare all income tax related journal entries for $2023$ and $2024.$

Answer rating: 100% (QA)

a Amount to be Reported in 2024 Income Statement as Future and Current Income Tax Expense 1 For 2021 ... View the full answer