I NEED ANSWERS TO BOXES IN RED +CALCULATIONS
Exercise 19-10 Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2006 through 2014 as follows. Tax Rate Income (Loss) 2006 $100,920 30% 30% 2007 139,200 59,160 35% 2008 50% 167,040 2009 40% 2010 (522,000) 40% 2011 313,200 40% 104,400 2012 40 2013 365,400 (208,800) 2014 45 Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. Show transcribed image text Exercise 19-10 Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2006 through 2014 as follows. Tax Rate Income (Loss) 2006 $100,920 30% 30% 2007 139,200 59,160 35% 2008 50% 167,040 2009 40% 2010 (522,000) 40% 2011 313,200 40% 104,400 2012 40 2013 365,400 (208,800) 2014 45 Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.
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