Problemhtech corp started its operation in 2010 and has a, Ask an Expert

Accounting

Problem:

Htech Corp. started its operation in 2010 and has a $550,000 net operating loss when the tax rate is 35%. In 2011, the company has $680,000 taxable income and the tax rate is revised to 40% in early 2011.

Required:

Question 1: What are the entries in 2010 to record the tax loss carry-forward?(Assuming that it is more likely than not that half of the loss carry-forward will not be realized)

Question 2: What entries would be made to record income tax expenses in 2011?

Note: Be sure to show how you arrived at your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165886

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