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Business, 16.04.2021 17:30 kikimiller

Coronado Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate
2015 $63,360 25%
2016 (92,400 ) 20%
2017 118,800 20%
2018 39,600 20%
2019 138,600 20%
2020 (79,200 ) 25%
2021 168,400 25%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Coronado 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 entries for income taxes should be recorded for 2017?
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 2020?
d. How should the income tax expense section of the income statement for 2019 appear?
e. What entry for income taxes should be recorded in 2019?

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