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1. Prepare a schedule that shows Jayryan's income taxes payable (or receivable) for each year, 2017 through 2021,

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Jaypyan Complany sells products in a volatilo market. The company began cperating in 2017 and roported (and paid taxas oni takcksie income in anivi has one taxable temporary difference (future taxable amount) and reccnciled its taxable income to its pretax firanciaf income for zo The income tax rate has been 30% since 2017, and no change in the tax rate has been enactod for future years. Required: 1. Prepare a schedule that shows Jayryan's income taxes payable (or recehvalo) for each year, 2017 through 2021. 2. Prepare a schedule that shows the deferred tis x information (change in fomporacy cillerenco and operating loss cambioriard) for each yix. 2017 through 2021. 3. Prepare a schedule that shows the deferred taces for each year, 2017 through 2021. 4. Based on the schodule propared in Fequirement 3, prepare dayryan's income tax joumal ontyy at the ond of aorg. 5. Prepare a partial income statement for 2019 . Include a note for any operating loss camyfomard. 1. Propare a schedule that shows vaycyan's income taxes payablo (or recelvabie) fre each yeat, 2017 throuph 2021 . Schedule Instuctiont fremsatioumal itstrubored 5. Prepare a partial income statement for 2019. Include a note for any operating loss carryforward. Income Statement Instructions Jayryan Company selts products in a volatile market. The company began operating in 2017 and reported (and pald taxes on) faxable income in 2017 and 2018 . it has one taxable temporary difference (future taxable amount) and reconciled its taxable income to its pretax financial income for 2017 and 2018 as follows In 2019 , because of a downturn in the market, Jayryan reported a taxable loss of $90,000, and it was uncertain as to future profits. A temporary difference of $2,700 resulted in an $87,300 pretax operating loss for financial reporting. In 2020 and 2021. Jayryan was again profitable and reported the following tams: The income tax rate has been 30% since 2017 , and no change in the tax rate has been enacted for futuro years. Required: 1. Prepare a scheduie that shows Jayryan's incorne taxes payable (or receivabie) for each year, 2017 through 2021. 2. Prepare a schodule that shows the deferred tax information (change in temporary difference and operating loss carytorward) for each yoar: 2017 through 2021 . 3. Prepare a schedule that shows the delerred taxes for each year, 2017 through 2021. 4. Based on the schedule prepared in Requirement 3, prepare layryan's income tax joumal entry at the end of 2019. 5. Propare a partial income statomont for 2019. Inctude a note for any operating loss carryonward. JAYAYAN COMPANY Score: 30/32 Income Taxes Payable 2017 through 2021 1 2. 2017 s 2018 42019 5. 2020 6) 2021 4. Besed on the schedule prepared for the deterred taxes for each year, 2017 through 2021, prepare Jayryan's income tax joumal entry on Decembor 31, 2019. Generat youtiol Instructons Wow daes gcefing wark? 5. Prepare a partial income statement for 2019. Include a note for any operating loss carryforward. Income Statement Instructions Jaypyan Complany sells products in a volatilo market. The company began cperating in 2017 and roported (and paid taxas oni takcksie income in anivi has one taxable temporary difference (future taxable amount) and reccnciled its taxable income to its pretax firanciaf income for zo The income tax rate has been 30% since 2017, and no change in the tax rate has been enactod for future years. Required: 1. Prepare a schedule that shows Jayryan's income taxes payable (or recehvalo) for each year, 2017 through 2021. 2. Prepare a schedule that shows the deferred tis x information (change in fomporacy cillerenco and operating loss cambioriard) for each yix. 2017 through 2021. 3. Prepare a schedule that shows the deferred taces for each year, 2017 through 2021. 4. Based on the schodule propared in Fequirement 3, prepare dayryan's income tax joumal ontyy at the ond of aorg. 5. Prepare a partial income statement for 2019 . Include a note for any operating loss camyfomard. 1. Propare a schedule that shows vaycyan's income taxes payablo (or recelvabie) fre each yeat, 2017 throuph 2021 . Schedule Instuctiont fremsatioumal itstrubored 5. Prepare a partial income statement for 2019. Include a note for any operating loss carryforward. Income Statement Instructions Jayryan Company selts products in a volatile market. The company began operating in 2017 and reported (and pald taxes on) faxable income in 2017 and 2018 . it has one taxable temporary difference (future taxable amount) and reconciled its taxable income to its pretax financial income for 2017 and 2018 as follows In 2019 , because of a downturn in the market, Jayryan reported a taxable loss of $90,000, and it was uncertain as to future profits. A temporary difference of $2,700 resulted in an $87,300 pretax operating loss for financial reporting. In 2020 and 2021. Jayryan was again profitable and reported the following tams: The income tax rate has been 30% since 2017 , and no change in the tax rate has been enacted for futuro years. Required: 1. Prepare a scheduie that shows Jayryan's incorne taxes payable (or receivabie) for each year, 2017 through 2021. 2. Prepare a schodule that shows the deferred tax information (change in temporary difference and operating loss carytorward) for each yoar: 2017 through 2021 . 3. Prepare a schedule that shows the delerred taxes for each year, 2017 through 2021. 4. Based on the schedule prepared in Requirement 3, prepare layryan's income tax joumal entry at the end of 2019. 5. Propare a partial income statomont for 2019. Inctude a note for any operating loss carryonward. JAYAYAN COMPANY Score: 30/32 Income Taxes Payable 2017 through 2021 1 2. 2017 s 2018 42019 5. 2020 6) 2021 4. Besed on the schedule prepared for the deterred taxes for each year, 2017 through 2021, prepare Jayryan's income tax joumal entry on Decembor 31, 2019. Generat youtiol Instructons Wow daes gcefing wark? 5. Prepare a partial income statement for 2019. Include a note for any operating loss carryforward. Income Statement Instructions