Business, 11.02.2021 20:50 oddoneshenchman

Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate
2015 $0048,000)0 25%
2016 (150,000)0 20%
2017 90,000)0 20%
2018 30,000)0 20%
2019 105,000)0 20%
2020 (60,000)0 25%
2021 130,000)0 25%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.

Required:
a. What entry(ies) for income taxes should be recorded for 2016?
b. Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations.
c. What entry for income taxes should be recorded in 2017?
d. How should the income tax expense section of the income statement for 2017 appear?
e. What entry for income taxes should be recorded in 2020?
f. How should the income tax expense section of the income statement for 2020 appear?

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