Exercise 19-22 Cullumber Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Tax Rate 25% 2015 2016 2017 2018 2019 2020 2021 Income (Loss) $59,520 (85,800) 111,600 37,200 130,200 (74,400) 158,800 20% 20% 20% 20% 25% 25% Pretax financial income (lows) and taxable income (loss) were the same for all years since Cullumber 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 entries for income taxes should be recorded for 2016? (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 for the amounts.) Account Titles and Explanation Debit Credit Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations. (Enter negative amounts using either a negative sign preceding the number .. 45 or parentheses e.g. (45).) Cullumber Corporation Income Statement (Partial) dy CALCULATOR FULL SCREEN PRINTER VERSION BACK NI what entry for income taxes should be recorded in 2017? (Credit account titles are automatically indented when amount is entered. Do not indent manually. Il no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT dy How should the income tax expense section of the income statement for 2017 appear? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Corporation Income Statement (Partial) How should the income tax expense section of the income statement for 2017 appear? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Corporation Income Statement (Partial) What entry for income taxes should be recorded in 2020? (Credit account titles are automatically indented when amount is entered. Do not indent manually. Il no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT How should the income tax expense section of the income statement for 2020 appear? (Enter negative amounts using either a negative ston preceding the number e.o. -45 or parenthesese.. (45).) Cullumber Corporation Income Statement (Partial)
