1. Two NOLs, No Temporary Differences, No Valuation Account, Entries and Income Statement (10pts)

Felicia Rashad Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.

Year	Income (Loss)	Tax Rate (%)
2015	$48,000	25
2016	(150,000)	20
2017	90,000	20
2018	30,000	20
2019	105,000	20
2020	(60,000)	25
2021	130,000	25

Instructions

1. What entry(ies) for income taxes should be recorded for 2016?
2. Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations.
3. What entry for income taxes should be recorded in 2017?
4. How should the income tax expense section of the income statement for 2017 appear?
5. What entry for income taxes should be recorded in 2020?
6. How should the income tax expense section of the income statement for 2020 appear?