Requirement 1. Compute Consolidated's taxable income for 2016.

Requirement 2. Journalize the corporation's income taxes for 2016.

(Record debits first, then credits. Exclude explanations from any journal entries.)

More Info Data Table a. Additional taxable income of $17,000 earned in 2017 but taxed in 2016 b. Additional depreciation expense of $33,000 for Modified Accelerated Cost Recovery System (MACRS) tax depreciation in 2016 2016 Total revenue . . .$900,000 rie Expenses Cost of goods sold Operating Print Done Total expenses before tax .. 700,000 Pretax accounting income $200,000 Print Done