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Prepare the income tax journal entry

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Reference no: EM131731060

Question - Utopia began business in 2015 and reported the following results for accounting and tax purposes:

Year                       Pretax Financial Income (loss)           Tax Rate

2015                       200,000                                                25%

2016                       240,000                                                35%

2017                       (400,000)                                             35%

2018                        300,000                                               40%

Prepare the income tax journal entry for 2017. Then determine the net income or loss for 2017.  Then prepare the journal entry to record income taxes for 2018.

Reference no: EM131731060

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