Exercise 19-1O The following facts relate to Oriole Corporation. 1. Deferred tax liability, January 1, 2017, $69,600 2. Deferred tax asset, January 1. 2017,$23,200 3. Taxable income for 2017, $121,800 4. Cumulative temporary difference at December 31, 2017, gving rise to future taxable amounts, $266,800. 5. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $110,200. 6, Tax rate for all years, 40%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Compute the amount of pretax financial income for 2017 Pretax financial incomes Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (Credit account titles are automatically indented when amoust is entered. Do not indent maneally If no entry is required, select No Entry for the account titles and enter 0 for the amounts) Account Ttles and Explanation Prepare the income tax expense section of the income statement for 2017, beginning with the line Income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Income Statement (Partial) Compute the effective tax rate for 2017. (Round answer to 0 decimal places, 25%) The effective tax rate Question Attempts: 0 of 3 used