I NEED THE ANSWERS TO THE RED BOXES +CALCULATIONS
THE ANSWER IS NOT 167040
Exercise 19-10 Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2006 through 2014 as follows. Income (Loss) Tax Rate 2006 $100,920 30% 2007 30 139,200 35% 2008 59,160 167,040 50% 2009 40% 2010 (522,000) 2011 313,200 40 2012 104,400 40 40% 2013 365,400 (208,800) 45 2014 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. What entry for income taxes should be recorded in 2014? (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit Income Tax Refund Receiv t Benefit Due to Loss Carryt 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. Income (Loss) Tax Rate 2006 $100,920 30% 2007 30 139,200 35% 2008 59,160 167,040 50% 2009 40% 2010 (522,000) 2011 313,200 40 2012 104,400 40 40% 2013 365,400 (208,800) 45 2014 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. What entry for income taxes should be recorded in 2014? (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit Income Tax Refund Receiv t Benefit Due to Loss Carryt
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