Problem 3: Belford Industries reported the following pretax income and losses over four years: Pretax Income (Loss) $19,000 ($50,000) $40,000 $60,000 Tax Rate Year 1 35% Year 2 30% 25% Year 3 Year 4 25% Prepare the journal entry to record income taxes in Year 2 and show the income statement presentation 1. of income taxes. Income Statement 2. Prepare the journal entry to record income taxes in Year 3 and show the income statement presentation of income taxes Income Statement