The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary. Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a credit amount enter an account title to record carryback enter a debit amount enter a credit amount 2018 enter an account title to record carryforward enter a debit amount enter a credit amount enter an account title to record carryforward enter a debit amount enter a credit amount 2019 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2020 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a debit amount 2021 enter an account title enter a debit amount enter a credit amount enter an account title enter a credit amount enter a debit amount

The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income...

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

2017	76,000
2018	(48,000	)
2019	(43,000	)
2020	116,000
2021	104,000

Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.

Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.

Account Titles and Explanation	Debit	Credit
2017
enter an account title to record carryback	enter a debit amount	enter a credit amount
enter an account title to record carryback	enter a debit amount	enter a credit amount
2018
enter an account title to record carryforward	enter a debit amount	enter a credit amount
enter an account title to record carryforward	enter a debit amount	enter a credit amount
2019
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
2020
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a debit amount
2021
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a credit amount	enter a debit amount

Jun 09, 2022

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The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income...

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