Exercise 19-22 Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) 571,040 (222,000) 133,200 44,400 155,400 (88,800) 88,800 Tax Rate 2596 2096 2096 2096 2096 2596 Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheffield 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 o for the amounts.) Debit Credit Account Titles and Explanation Deferred Tax Asset 44400 Income Tax Expense 44400 Exercise 19-22 Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) 571,040 (222,000) 133,200 44,400 155,400 (88,800) 88,800 Tax Rate 2596 2096 2096 2096 2096 2596 Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheffield 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 o for the amounts.) Debit Credit Account Titles and Explanation Deferred Tax Asset 44400 Income Tax Expense 44400 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 SHOW LIST OF ACCOUNTS LINK TO TEXT 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).) Sheffield Corporation Income Statement (Partial) Exercise 19-22 Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) 571,040 (222,000) 133,200 44,400 155,400 (88,800) 88,800 Tax Rate 2596 2096 2096 2096 2096 2596 Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheffield 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 o for the amounts.) Debit Credit Account Titles and Explanation Deferred Tax Asset 44400 Income Tax Expense 44400 Exercise 19-22 Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) 571,040 (222,000) 133,200 44,400 155,400 (88,800) 88,800 Tax Rate 2596 2096 2096 2096 2096 2596 Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheffield 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 o for the amounts.) Debit Credit Account Titles and Explanation Deferred Tax Asset 44400 Income Tax Expense 44400 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 SHOW LIST OF ACCOUNTS LINK TO TEXT 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).) Sheffield Corporation Income Statement (Partial)
