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Concord Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (Loss) $37,000 $24,700 $50,100 $81,000 ($176,500) $72800
Concord Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (Loss) $37,000 $24,700 $50,100 $81,000 ($176,500) $72800 $109,800 Tax Rate 306 306 306 40%6 4596 40%6 356 2013 2014 2015 2016 2017 2018 2019 Pretax financial income (loss) and taxable income (loss) were the same for all years since Concord began business. The tax rates from 2016-2019 were enacted in 2016. Prepare the journal entries for the years 2017-2019 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Concord elects the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. Prepare the portion of the income statement, starting with "Operating loss before income taxes, for 2017. Prepare the portion of the income statement, starting with "Income before income taxes, for 2018
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