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In 2011 the company had a downturn and they had a ($200,000) GAAP financial accounting...

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Accounting

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In 2011 the company had a downturn and they had a ($200,000) GAAP financial accounting loss for that year. The company had no new originating timing differences during 2011, but they did experience the two timing reversals that were projected when completing the 2010 deferred tax schedule (see question 1). Assume the company will have adequate operating income in 2012 to cover any excess carryforwards that cannot be absorbed on the deferred tax schedule. Prepare below a deferred income tax schedule for 2011. 2011 2012 B. Prepare the general journal entry to accrue income taxes for 2011

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