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Exercise 19-22 Novak Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $52,800 25 % 2016

Exercise 19-22 Novak Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $52,800 25 % 2016 (77,000 ) 20 % 2017 99,000 20 % 2018 33,000 20 % 2019 115,500 20 % 2020 (66,000 ) 25 % 2021 66,000 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Novak 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 0 for the amounts.)

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 e.g. -45 or parentheses e.g. (45).)

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 0 for the amounts.)

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).) What entry for income taxes should be recorded in 2020? (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 0 for the amounts.)

How should the income tax expense section of the income statement for 2020 appear? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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