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At the end of 2019, Keil Company reports a pretax operating loss of $80,500 for...

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Accounting

At the end of 2019, Keil Company reports a pretax operating loss of $80,500 for both financial reporting and income tax purposes. Prior to 2019, Keil had been successful and is expected to be successful in the future. The tax rate for 2019 and future years is 21%.

Required:

1. Prepare Keils income tax journal entry at the end of 2019.
2. Prepare the lower portion of Keils 2019 income statement.

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