Martinez Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible):

a)Prepare the journal entries for each of the years 2017 to 2020 to record income taxes, assuming at December 31, 2019, that it was more likely than not that the company would not be able to benefit from the remaining losses available to carry forward. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) -----> this part is completed!

I'm just looking for the value of net income/loss for the year 2019. I also tried 311,000, 60,250, 0.00, and 250,750 ! None of them marked right. I also added 27000 from 2018 to 60250 and deducted from 311,000 but wrong too.

****** Please just answer if you're sure you got the correct value***********

Martinez Inc. reports the following incomes (losses) for both book and tax purposes (assume the carryback provision is used where possible): Accounting Income Year (Loss) Tax Rate 2017 $133,000 25 % 2018 108,000 25 % 2019 (311,000) 30 % 2020 48,000 30 % The tax rates listed were all enacted by the beginning of 2017. Your answer is partially correct. 1 1 1 I Prepare the income tax section of the income statements for each of the years 2017 to 2020, beginning with the line Income (loss) before income tax.. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter Ofor amounts.) Martinez Inc. (Partial) Income Statements For the Year Ended December 31 2017 Income / (Loss) Before Income Tax 133,000 Income Tax Expense - Current 33,250 i Net Income /(Loss) $ 99,750 2018 Income /(Loss) Before Income Tax 108,000 Income Tax Expense - Current -27,000 i Net Income /(Loss) ta 81,000 2019 Income / (Loss) Before Income Tax $ -311,000 Current Income Tax Benefit due to Loss Carry back 60,250 Net Income /(Loss) 250,750