Business
Business, 23.03.2020 21:19, 2024cynthiatercero

Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2006 through 2014 as follows. Income (Loss) Tax Rate2006 $29,000 30 %2007 40,000 30 %2008 17,000 35 %2009 48,000 50 %2010 (150,000 ) 40 %2011 90,000 40 %2012 30,000 40 %2013 105,000 40 %2014 (60,000) 45 %Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. a) What entries for income taxes should be recorded for 2010? .b) Indicate what the income tax expense portion of the income statement for 2010 should look like. Assume all income (loss) relates to continuing operations. c)What entry for income taxes should be recorded in 2011?d) How should the income tax expense section of the income statement for 2011 appear?e) what entry for income taxes should be recorded in 2014f) how should the income tax expense section of the statement for 2104 appear to be ??

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