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Monty Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. Pretax financial income (loss) and
Monty Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. Pretax financial income (loss) and taxable income (loss) were the same for all years since Monty has been in business, Tax rates were not enacted until the year of change. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. 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).)
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