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The pretax financial income or loss figures for Company Inc. are as follows: Year Income (loss) Tax Rate 2019 (200,000) 20 2020 150,000 20 2021
The pretax financial income or loss figures for Company Inc. are as follows:
| Year | Income (loss) | Tax Rate |
| 2019 | (200,000) | 20 |
| 2020 | 150,000 | 20 |
| 2021 | 100,000 | 20 |
Required:
- Prepare the journal entries for the years 2019-2021 assuming Company uses the carryforward provision.
- Prepare the income tax section of the 2020 income statement.
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