91影视

Date

Particulars

Debit

Credit

2015

Income tax expense $\left(\$120,000脳40\%\right)$

$48,000

Income tax payable

$48,000

(To record the income tax)

2016

Income tax expense $\left(\$90,000脳40\%\right)$

$36,000

Income tax payable

$36,000

(To record the income tax)

2017

Income tax refund receivables

$\left(\$48,000+\$36,000\right)$

$84,000

Benefit due to loss carryback

$84,000

(To record the loss carryback)

2017

Deferred tax asset

$\left[\left(\$280,000-\left(\$120,000-\$90,000\right)\right)脳45\%\right]$

$31,500

Benefit due to loss carryforward

$31,500

(To record the loss carryforward)

2017

Benefit due to loss carryforward

$\left(\left(\$70,000脳45\%\right)脳50\%\right)$

$15,750

Allowance to reduce the deferred tax asset to expected realizable value

$15,750

(To record the loss carryforward)

2018

Income tax expense

$54,000

Income tax payable

$\left(\left(\$120,000-\$70,000\right)脳45\%\right)$

$22,500

Deferred tax asset

$31,500

(To record the tax)

2018

Allowance to reduce deferred tax asset

$15,750

Benefit due to loss carryforward

$15,750

(To record the allowance)

Particulars

Amount

Operating loss before income taxes

($280,000)

Add: Income tax benefit

Benefit due to loss carryback

$84,000

Benefit duet to loss carryforward

$31,500

Net Loss

($164,500)

Particulars

Amount

Income before income tax

$120,000

Less: Income tax expense

Current tax

$22,500

Deferred tax

$31,500

Benefit due to loss carryforward

($15,750)

Net Profit

$81,750