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%0 2016 (150,000)0 20%0 2017 90,000)0 20%0 2018 30,000)0 20%0 2019 105,000)0 20%0 2020 (60,000)0 25%0 2021 130,000)0 25%0 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. Instructions 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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The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017   81,000   2018   (51,000 ) 2019   (35,000 ) 2020   111,000   2021   95,000   Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (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.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…

The accounting income of Pharoah Corporation and its taxable income for the years 2023 to 2026 are as follows: Year Accounting Income Taxable Income Tax Rate 2023 $463,000 $302,000 25% 2024 425,000 301,000 30% 2025 401,000 309,000 30% 2026 465,000 651,000 30% The change in the tax rate from 25% to 30% was not enacted until early in 2024. Accounting income for each year includes an expense of $42,000 that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of 2023. (a) Calculate the current and deferred tax expense or benefit for each of the four years. Also calculate the balance of the deferred tax balance sheet account at the end of each fiscal year from 2023 to 2026. (Show asset and benefit numbers as positive, and liability and expense numbers as negative.) 2023 2024…