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  3. the pretax financial income (or loss) figures for

The pretax financial income (or loss) figures for Skysong Company are as follows. Pretax financial...

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Accounting

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The pretax financial income (or loss) figures for Skysong Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25\% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (lln recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (Credit account tities are automatically indented when amount is entered. Do not indent manually. I no entry Is roquired, select "No Entry" for the account tities and enter O for the amounts.) Account Tities and Explanation 2017 Income Tax Expense 19750 Income Tax Payable 2018 Deferred Tax Liability 10400 Allowance to Reduce Deferred Tax Asset to Expected Re 2019 Deferred Tax Liability 2020 2020 2021

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