O WORDS POWERED BY TINY QUESTION 17 O points At the end of the current year, Newsmax Inc. has $400,000 of subscriptions received in advance included in its balance sheet. A disclosure not reveals that the entire $400.000 will be recognized in the income statement in the next year. The current year's taxable income is $9,000,000. Assume an income tax rate of 30%. Save Answer 1) What is the protax accounting income in the current year? 2) Prepare the journal entry to record income taxes for the year. Show woll-labeled computations. For the toolbar, proas ALT F10 (PC) or ALT FN-F10 Mac), B I Paragraph Arial 14px iii > A I. X C a - 6 +) 1T D * 2 28 x , (1) QUESTION 18 Opoints Save A Tobac Company reported an operating loss of $60,000 for financial reporting and tax purposes in 2013. Assume that Tobac lects a loss carryforward. Taxable income and tax rate as follows: Taxable income Tax rates 2013 160,000) 3096 2014 145.000 25% 2015 80,000 20% 1) Prepare the journal entry to recognize the income tax benefit of the operating loss for 2013 2) Prepare the journal entry to recognize the income tax benefit of the operating loss for 2014 and 2015, For the toolbar, press ALT F10 (PC) or ALT-FN-F10 (Mac). B I US Paragraph Arial 14px IX T 174 +] V ST * X X X 3 E9 ( * ) O WORDS POWERED BY TINY