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Conrod Corporation had the following taxable and pre-tax accounting income: 2011201220132014...

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Accounting

Conrod Corporation had the following taxable and pre-tax accounting income:
2011201220132014
Earnings (loss) before taxes $ 324,000$ 72,000 $ 52,000 $ 292,000
Tax rate 40%40%38%38%
Assume that 2011 is the first year of operations for the company. Tax rates are enacted in the year in which they become effective.
In 2012, the company won some major contracts that management believed would bring the company into profitability. Therefore, management decided at the end of 2012 that it was probable that 40% of the unused tax loss carryforward would be used within the carryforward period. In 2014, management further decided it was probable that the full 100% of the unused carryforward would be realized.
Required:
Prepare the journal entries to record the provision for income tax for each year. Do not use a valuation allowance.

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