E19.22 (LO 3) (Two NOLs, No Temporary Diff erences, No Valuation Account, Entries and IncomeStatement) Felicia Rashad Corporation has pretax fi nancial income (or loss) from 2015 through 2021 as follows Income (Loss) 2015 2016 2017 2018 2019 2020 2021 Tax Rate 25% 20 20 20 20 25 25 $ 48,000 (150,000) 90,000 30,000 105,000 (60,000) 130,000 Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad 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. Instructions a. What entry(ies) for income taxes should be recorded for 2016? b. Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations. c. What entry for income taxes should be recorded in 2017? d. How should the income tax expense section of the income statement for 2017 appear? e. What entry for income taxes should be recorded in 2020? f. How should the income tax expense section of the income statement for 2020 appear