Accounting Homework Please Help! Thank You!!

E19-15 (LO1,2) (Two Temporary Differences, Tracked through 3 Years, Multiple Rates) Taxable income and pretax financial income would be identical for Huber Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. 2017 Taxable Income 2016 2018 Excess of revenues over expenses (excluding two temporary differences) $160,000 $210,000 $90,000 Installment gross profit collected 8,000 8,000 8,000 Expenditures for warranties (5,000) (5,000) (5,000) Taxable income $163,000 $213,000 $93,000 Pretax Financial Income Excess of revenues over expenses (excluding two temporary differences) $160,000 $210,000 $90,000 Installment gross profit recognized 24,000 -o- -o- Estimated cost of warranties (15,000) -o- -o- Income before taxes $169,000 $210,000 $90,000 The tax rates in effect are 2016, 40%; 2017 and 2018, 45%. All tax rates were enacted into law on January 1, 2016. No deferred income taxes existed at the beginning of 2016. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016, 2017, and 2018. E19-24 (L03) (NOL Carryback and Carryforward, Valuation Account Needed) Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $120,000 40% 2016 40 2017 2018 90,000 (280,000) 120,000 (a) The tax rates listed were all enacted by the beginning of 2015. Instructions Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (b) Prepare the income tax section of the 2017 income statement beginning with the line "Operating loss before income taxes." Prepare the income tax section of the 2018 income statement beginning with the line "Income before income (c) taxes