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Prepare the income tax section of the income statement

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Reference no: EM132942445

The pretax financial income or loss figures for Wenatchee Inc. are as follows:

Year       Income (loss)          Tax Rate
2019           (200,000)                20
2020            150,000                 20
2021            100,000                  20

Required:

Problem a. Prepare the journal entries for the years 2019-2021 assuming Wenatchee uses the carryforward provision.

Problem b. Prepare the income tax section of the 2020 income statement.

Reference no: EM132942445

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