Please help me with this question I am stuck.
Exercise 19-22 Sheridan Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009 $34,220 30 % 2010 47,200 30 % 2011 20,060 35 % 2012 56,640 50 % 2013 (177,000) 40 % 2014 106,200 40 % 2015 35,400 40 % 2016 123,900 40 % 2017 (70,800) 45 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheridan has been in business. Assume the carryback provision is employed for net operating losses. 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 2013? ( 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 Income Tax Refund Receivable Benefit Due to Loss Carryback [1" \"2-..: .._.....L__I, \\ What entries for income taxes should be recorded for 2013? (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 Income Tax Refund Receivable Benefit Due to Loss Carryback (To record carryback.) Deferred Tax Asset Benefit Due to Loss Carryforward (To record carryforward.)Indicate what the income tax expense portion of the income statement for 2013 should look like. Assume all income (loss) relates to continuing operations. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) Operating Loss before Income Taxes Income Tax Benefit 4} Benefit Due to Loss Carryback 4 Benefit Due to Loss Carryforward 4 Net Income / (Loss) 4 +9 What entry for income taxes should be recorded in 2014? (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 Income Tax Expense Deferred Tax Asset Income Tax PayableHow should the income tax expense section of the income statement for 2014 appear? (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses (2.9. (45).) Sheridan Corporation Income Statement (Partial) Deferred 4b 4} 4 4 o 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 How should the income tax expense section of the income statement for 2017 appear? (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) 4 4 4 Click if you would like to Show Work for this question: Qpen Show Work
