Pronghorn Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) $52,800 (77,000) 99,000 33,000 115,500 (66,000) 142,000 Tax Rate 25% 20% 20% 20% 20% 25% 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Pronghorn 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 o for the amounts.) Account Titles and Explanation Debit Credit 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 o for the amounts.) Account Titles and Explanation Debit Credit 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).) Pronghorn Corporation Income Statement (Partial) 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 o for the amounts.) Account Titles and Explanation Debit Credit 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).) Pronghorn Corporation Income Statement (Partial) Pronghorn Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) $52,800 (77,000) 99,000 33,000 115,500 (66,000) 142,000 Tax Rate 25% 20% 20% 20% 20% 25% 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Pronghorn 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 o for the amounts.) Account Titles and Explanation Debit Credit 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 o for the amounts.) Account Titles and Explanation Debit Credit 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).) Pronghorn Corporation Income Statement (Partial) 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 o for the amounts.) Account Titles and Explanation Debit Credit 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).) Pronghorn Corporation Income Statement (Partial)
