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

  

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Waterway Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $63,360 25 % 2016 (92,400 ) 20 % 2017 118,800 20 % 2018 39,600 20 % 2019 138,600 20 % 2020 (79,200 ) 25 % 2021 168,400 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Waterway has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. (a) What entries for income taxes should be recorded for 2016? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Waterway Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $63,360 25 % 2016 (92,400 ) 20 % 2017 118,800 20 % 2018 39,600 20 % 2019 138,600 20 % 2020 (79,200 ) 25 % 2021 168,400 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Waterway has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. (a) What entries for income taxes should be recorded for 2016? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

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