Kieso 13th ed sol ch 19 ex 9

Kieso 13th ed sol ch 19 ex 9 - 104,000 Benefit Due to Loss...

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EXERCISE 19-9 (15–20 minutes) 2008 Income Tax Expense. ......................................................... 36,000 Income Tax Payable ($90,000 X 40%). ...................... 36,000 2009 Income Tax Refund Receivable ($160,000 X 45%). ............................................................ 72,000 Benefit Due to Loss Carryback (Income Tax Expense). ........................................... 72,000 2010 Income Tax Refund Receivable. ........................................ 36,000 Benefit Due to Loss Carryback (Income Tax Expense) ($90,000 X 40%). ............... 36,000 Deferred Tax Asset. ............................................................
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Unformatted text preview: 104,000 Benefit Due to Loss Carryforward (Income Tax Expense) [40% X ($350,000 – $90,000)]. ................................ 104,000 2011 Income Tax Expense. .......................................................... 48,000 Deferred Tax Asset (40% X $120,000). ...................... 48,000 2012 Income Tax Expense. .......................................................... 40,000 Deferred Tax Asset ($100,000 X 40%). ...................... 40,000 Note : Benefit Due to Loss Carryback and Benefit Due to Loss Carryforward amounts are negative components of income tax expense....
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This note was uploaded on 09/06/2010 for the course ACCT 3220 taught by Professor Las during the Spring '10 term at Fordham.

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Kieso 13th ed sol ch 19 ex 9 - 104,000 Benefit Due to Loss...

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