I just need help in understanding where to figure out amounts I have w


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I just need help in understanding where to figure out amounts I have watched videos used power points and I am missing something

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I just need help in understanding where to figure out amounts I

have watched videos used power points and I am missing something


Can you help me with this problem below?
I am more of a visual learner. If I can get the formula's I can do the work. I have part of this, but I am not getting the remaining, trying to get the carryforward and carry back.
I am willing to take a deduction for turning it in late, if I can learn how to compute this problem and get the correct answer. Its due tonight.


Thank you
Coralee


Exercise 19-24 (Part Level Submission)
Flounder Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.)


Year
Pretax
Income (Loss)
Tax Rate
2015 $109,000 40%
2016 84,000 40%
2017 (303,000) 45%
2018 132,000 45%
The tax rates listed were all enacted by the beginning of 2015.




(a)
Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)


Date
Account Titles and Explanation
Debit
Credit


2015


2016


2017

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