Concord 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 Concord 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.

What entry for income taxes should be recorded in 2017?

(c) What entry for income taxes should be recorded in 2017? (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 O for the amounts.) Account Titles and Explanation Debit Credit