Exercise 19-24

Beilman Inc. reports the following pretax income (loss) for both book and tax purposes.

Year		Pretax Income (Loss)			Tax Rate
2018		$120,000			20	%
2019		90,000			20	%
2020		(280,000)			25	%
2021		120,000			25	%

The tax rates listed were all enacted by the beginning of 2018.

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Prepare the income tax section of the 2021 income statement beginning with the line Income before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Beilman Inc. Income Statement (Partial) T For the Year Ended December 31, 2021 Income before Income Taxes 120,000 Income Tax Expense Deferred 8750 Net Income / (Loss) 21,250