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Mishka Corporation reported the following income for both accounting and tax purposes: Year Pretax Income Enacted Tax Rates 2017 $120,000 25% 2018 80,000 28% 2019

Mishka Corporation reported the following income for both accounting and tax purposes: Year Pretax Income Enacted Tax Rates 2017 $120,000 25% 2018 80,000 28% 2019 100,000 30% 2020 (360,000) 30% Mishka Corporation uses the carryback provision for net operating losses when possible. The enacted tax rate for 2020 and future years is 32%. Mishka believes that sufficient verifiable positive evidence exists so that a valuation allowance is not necessary at the end of 2020. Required: Prepare the entries for income tax expense and related assets and liabilities for Mishka Corporation for the years 2017 through 2020.

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