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Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2008-2014.
Pretax Income (loss) Tax Rate
2008 $ 40,000  30%
2009 25,000  30%
2010 50,000  30%
2011 80,000  40%
2012 (180,000) 45%
2013 70,000  40%
2014 100,000  35%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2011-2014 were enacted in 2011.
Instructions
(a) Prepare the journal entries for the years 2012-2014 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Jennings elects the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss yea

 

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