Monty Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.

		Income (Loss)			Tax Rate
2015		$56,640			25	%
2016		(177,000	)		20	%
2017		106,200			20	%
2018		35,400			20	%
2019		123,900			20	%
2020		(70,800	)		25	%
2021		70,800			25	%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Monty has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.

What entries for income taxes should be recorded for 2016? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

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List of Accounts

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).)

Monty Corporation Income Statement (Partial) December 31, 2016For the Year Ended December 31, 2016For the Quarter Ended December 31, 2016
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss CarryforwardIncome Tax BenefitIncome Tax ExpenseNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
DividendsExpensesIncome Tax BenefitIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax ExpenseNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss CarryforwardIncome Tax BenefitIncome Tax ExpenseNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss CarryforwardIncome Tax BenefitIncome Tax ExpenseNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$

eTextbook and Media

List of Accounts

What entry for income taxes should be recorded in 2017? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

eTextbook and Media

List of Accounts

How should the income tax expense section of the income statement for 2017 appear? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Monty Corporation Income Statement (Partial) December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
CurrentDeferredDividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax ExpenseNet Income / (Loss)Income before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
CurrentDeferredDividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax ExpenseNet Income / (Loss)Income before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
CurrentDeferredDividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax ExpenseNet Income / (Loss)Income before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
CurrentDeferredDividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax ExpenseNet Income / (Loss)Income before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$

eTextbook and Media

List of Accounts

What entry for income taxes should be recorded in 2020? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

eTextbook and Media

List of Accounts

How should the income tax expense section of the income statement for 2020 appear? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Monty Corporation Income Statement (Partial) December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
DividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
DividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsExpensesIncome Tax Benefit Due to Loss CarrybackIncome Tax Benefit Due to Loss CarryforwardIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$