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Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $56,640 25 % 2016 (177,000 ) 20 % 2017 106,200 20 % 2018 35,400 20 % 2019 123,900 20 % 2020 (70,800 ) 25 % 2021 70,800 25 % Pretax...

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Question

Accounting

Sage Corporation has pretax financial income (or loss) from 2015through 2021 as follows.

Income (Loss)

Tax Rate

2015$56,64025%
2016(177,000

)

20%
2017106,20020%
201835,40020%
2019123,90020%
2020(70,800

)

25%
202170,80025%


Pretax financial income (loss) and taxable income (loss) were thesame for all years since Sage has been in business. In recordingthe benefits of a loss carryforward, assume that it is more likelythan not that the related benefits will be realized.

What entries for income taxes should be recorded for2016?

Indicate what the income tax expense portion of theincome statement for 2016 should look like. Assume all income(loss) relates to continuing operations.

How should the income tax expense section of the incomestatement for 2017 appear?

What entry for income taxes should be recorded in2020???????

How should the income tax expense section of the incomestatement for 2020 appear?

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