Flint Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $72,000 25 96 2016 (105,000 1 20 96 2017 135,000 20 % 2018 45,000 20 % 2019 157,500 20 % 2020 (90,000 1 25 % 2021 190,000 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Flint 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. (a) Your answer is correct. 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.) Account Titles and Explanation Deferred Tax Asset Income Tax Expense eTextbook and Media List of Accounts Using multiple attempts will impact your score. 5% score reduction after attempt 1 (b) Debit 21000 Credit: 21000 Attempts: 1 of 3 used 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).) Flint Corporation Income Statement (Partial) eTextbook and Media List of Accounts Save for Later Using multiple attempts will impact your score. 5% score reduction after attempt 1 $ Attempts: 0 of 3 used Submit Answer