Kingbird Inc. reported the following pretax income (loss) and related tax rates during the years 20132019.

.............................Pretax Income (loss) ...................Tax Rate

2013.......................... $37,000 ......................................30 %

2014........................... 24,700 .........................................30 %

2015 ............................50,100 .......................................30 %

2016 .............................81,000 .......................................40 %

2017............................ (176,500 )................................... 45 %

2018 ...............................72,800 ......................................40 %

2019............................... 109,800 .....................................35 %

Pretax financial income (loss) and taxable income (loss) were the same for all years since Kingbird began business. The tax rates from 20162019 were enacted in 2016.

Prepare the journal entries for the years 20172019 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Kingbird elects the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year.

Date Account Titles and Explanation....................................Debit.......................Credit

2017....Income Tax Refund Receivable...............................47430

............................Benefit Due to Loss Carryback.............................................47430

(To record carryback.)

.............Deferred Tax Asset..................................................??????

...........................Benefit Due to Loss Carryforward..........................................??????

(To record carryforward.)

2018.....Income Tax Epense...............................................292120

...........................Deferred Tax Asset..................................................................?????

...........................Income Tax Payable.................................................................??????

2019....Income Tax Expense...............................................38430

...........................Income Tax Payable..................................................................38430

Prepare the portion of the income statement, starting with Operating loss before income taxes, for 2017. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) King Bird Inc

Income Statement(Partial)

For the Year Ended Decemeber 31, 2017

Operating Loss before Income Taxes...............................................................??????

Income Tax Benefit

Benefit Due to Loss Carryback.................47430

Benefit Due to Loss Carryforward.............?????

.......................................................................................................................???????

Net Income / (Loss)........................................................................................???????

Prepare the portion of the income statement, starting with Income before income taxes, for 2018. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Kingbird Inc.

Income Statement (Partial)

For the Year Ended December 31, 2018

Income before Income Taxes.......................................................................72800

Income Tax Expense

Current.............................................?????

Deferred...........................................?????

....................................................................................................................29120

Net Income / (Loss).....................................................................................43680