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question e19 9 carryback and carryforward of nol no valuation account no temporary d 4280175

Question

E19-9 (Carryback and Carryforward of NOL, No Valuation Account,No Temporary Differences) The pretax financial income (or loss)figures for Jenny Spangler Company are as follows. 2009 $160,0002010 250,000 2011 80,000 2012 (160,000) 2013 (380,000) 2014 120,0002015 100,000 Pretax financial income (or loss) and taxable income(loss) were the same for all years involved. Assume a 45% tax ratefor 2009 and 2010 and a 40% tax rate for the remaining years.Instructions Prepare the journal entries for the years 2011 to 2015to record income tax expense and the effects of the net operatingloss carrybacks and carryforwards assuming Jenny Spangler Companyuses the carryback provi- sion. All income and losses relate tonormal operations. (In recording the benefits of a losscarryforward, assume that no valuation account is deemednecessary.)

 

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