Vintage Car Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2008 through 2017 as follows.

Pretax financial income (loss) and taxable income (loss) were the same for all years since Vintage Car has been in business. Assume the carryback provision is employed for net operating losses. 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 2011?
(b) Indicate what the income tax expense portion of the income statement for 2011 should look like. Assume all income (loss) relates to continuing operations.
(c) What entry for income taxes should be recorded in 2012?
(d) How should the income tax expense section of the income statement for 2012 appear?
(e) What entry for income taxes should be recorded in 2015?
(f) How should the income tax expense section of the income statement for 2015appear?

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Income (Loss) Tax Rate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $ 40,000 63,000 36,000 (86,000) (93,000) 76,000 59,000 (135,000) 96,000 168,000 40% 40% 30% 30% 40% 40% 50% 50% 40% 40%