Tamarisk Inc. reports the following pretax income loss for both financial reporting purposes and tax purposes.
Tamarisk Inc. follows IFRS.
The tax rates were all enacted by the beginning of
a
Prepare the journal entries for the years to to record income taxes, assuming the tax loss is first carried
back and that at the end of each year, the loss carryforward benefits are judged more likely than not to be realized
in the future. Credit account titles are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select No Entry" for the account titles and enter for
the amounts. Record journal entries in the order presented in the problem. List all debit entries
before credit entries.
To record benefit from loss carryback
To record deferred tax benefit from loss carryforward
To record current tax expense
