Question

The pretax financial income (or loss) figures for Skysong Company are as follows. 2017 86,000 2018...

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

2017

86,000

2018

(41,000)

2019

(36,000)

2020

113,000

2021

98,000


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.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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

I want solution for 2020 (3 entries) and 2021 (2 entries).

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