it begins where is says Fores construction company

4. VIIDL IS LITE le operating Iuss Tepureu lll ZUIO IIICUM Sale ! 3. Prepare the journal entry to record income taxes in 2019 assuming pretax accounting income is $70 million. No additional temporary differences originate in 2019. Complete this question by entering your answers in the tabs below. nts Skipped Required 1 Required 2 Required 3 Prepare the journal entry to record income taxes in 2019 assuming pretax accounting income is $ 70 million. No additional temporary differences originate in 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) eBook View transaction list Print Journal entry worksheet eferences Record 2019 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit Fores Construction Company reported a pretax operating loss of $150 million for financial reporting purposes in 2018. Contributing to the loss were (a) a penalty of $10 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2018 and (b) an estimated loss of $20 million from accruing a loss contingency. The loss will be tax deductible when paid in 2019. pints The enacted tax rate is 40%. There were no temporary differences at the beginning of the year and none originating in 2018 other than those described above. Taxable income in Fores's two previous years of operation was as follows: Skipped 2016 2017 $ 75 million 25 million eBook Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2018. Fores elects the carryback option. 2. What is the net operating loss reported in 2018 income statement? 3. Prepare the journal entry to record income taxes in 2019 assuming pretax accounting income is $70 million. No additional temporary differences originate in 2019. Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2018. Fores elects the carryback option. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet