Concord Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback...

 

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Concord Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible): 2017 Year (Loss) 2018 2019 2020 2017 2018 2019 2020 Accounting Income 2017 $141,000 2018 112,000 The tax rates listed were all enacted by the beginning of 2017. 2019 (323,000) Prepare the journal entries for each of the years 2017 to 2020 to record income taxes, assuming at December 31, 2019, that it was more likely than not that the company would not be able to benefit from the remaining losses available to carry forward. (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.) 2020 51.000 Date Account Titles and Explanation Tax Rate 25 % 25 % 30 % 30 % Concord Inc. (Partial) Income Statements Prepare the income tax section of the income statements for each of the years 2017 to 2020, beginning with the line "Income (loss) before income tax.". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) $ $ $ $ $ $ Debit $ Credit Concord Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible): 2017 Year (Loss) 2018 2019 2020 2017 2018 2019 2020 Accounting Income 2017 $141,000 2018 112,000 The tax rates listed were all enacted by the beginning of 2017. 2019 (323,000) Prepare the journal entries for each of the years 2017 to 2020 to record income taxes, assuming at December 31, 2019, that it was more likely than not that the company would not be able to benefit from the remaining losses available to carry forward. (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.) 2020 51.000 Date Account Titles and Explanation Tax Rate 25 % 25 % 30 % 30 % Concord Inc. (Partial) Income Statements Prepare the income tax section of the income statements for each of the years 2017 to 2020, beginning with the line "Income (loss) before income tax.". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) $ $ $ $ $ $ Debit $ Credit

Answer rating: 100% (QA)

1 2 3 4 5 6 7 8 LO A Date 2017 2018 2019 B Accounts title and ex... View the full answer