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Kingbird Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income Year (Loss) Tax Rate 2018 $112,000 17
Kingbird Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income Year (Loss) Tax Rate 2018 $112,000 17 % 2019 107,000 17 % 2020 (242,000 ) 19 % 2021 320,000 19 % The tax rates listed were all enacted by the beginning of 2018. Assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Kingbird Inc. Income Statement (Partial) $ $
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