Question

The pretax financial income (or loss) figures for Sheffield Company are as follows. 2015 $155,000 2016...

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

2015

$155,000

2016

241,000

2017

86,000

2018

(155,000 )

2019

(376,000 )

2020

127,000

2021

100,000


Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 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

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

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