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The pretax financial income (or loss) figures for Vaughn Company are as follows. 2015 $149,000 2016 240,000 2017 75,000 2018 (149,000 ) 2019 (371,000 ) 2020 119,000 2021 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)The pretax financial income (or loss) figures for Vaughn Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $149,000

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$ Income tax expense for the year 2017 Taxable income Tax rate Income tax expense 75,000.00 20% 15,000.00 $ CR Particulars In

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