Sweet Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate
2015 $50,880 25%
2016 (74,200) 20%
2017 95,400 20%
2018 31,800 20%
2019 111,300 20%
2020 (63,600) 25%
2021 137,200 25%
Pretax financial income (loss) and taxable income (loss) were the same for all years since Sweet 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.
A) What entries for income taxes should be recorded for 2010? .
B) Indicate what the income tax expense portion of the income statement for 2010 should look like. Assume all income (loss) relates to continuing operations.
C) What entry for income taxes should be recorded in 2011?
D) How should the income tax expense section of the income statement for 2011 appear?
E) What entry for income taxes should be recorded in 2014?
F) How should the income tax expense section of the statement for 2104 appear to be?