In 2018, its first year of operations, Kimble Corp. has a $900,000 net operating loss when the tax rate is 21%. In 2019, Kimble has $250,000 taxable income and the tax rate remains at 21%. Assume the management of Kimble Corp. thinks that it is more likely than not that the benefit of the loss carryforward WILL be realized.What are the entries in 2018 to record the tax effect of the loss carryforward?What entries would be made in 2019 to record the current and deferred income taxes and to recognize the loss carryforward? PLEASE do not answer this using an Allowance account because the company thinks they WILL realize the loss carryforward. There should be no Allowance account, or so I believe anyway.
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