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The accounting income (loss) figures for Blue Spruce Corporation are as follows:...

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Accounting

The accounting income (loss) figures for Blue Spruce Corporation are as follows:
Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2018 and 2019.
and a 25% tax rate for the remaining years.
Prepare the joumal entries for each of the years 2020 to 2024 to record income tax expense and the effects of the tax loss carrybacks
and carryforwards, assuming Blue Spruce uses the carryback provision first. All income and losses relate to normal operations and it is
more likely than not that the company will generate substantial taxable income in the future. (List all debit entries before credit entries.
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 0 for the amounts.)
Year
Account Titles and Explanation
Debit
Credit
(To record benefit from loss carryback)
(To record deferred benefit from loss carryforward)
(To record current tax expense)
(To record deferred tax expense)
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