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Jennings Inc. reported the following pretax income (loss)

/in /by

P19-5 ; Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2010–2016.
Year ; ; ; Pretax Income (Loss) ; Tax Rate 2010 ; ; ; $40,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 30% 2011 ; ; ; 25,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 30% 2012 ; ; ; 50,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 30% 2013 ; ; ; 80,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 40% 2014 ; ; ; ; -180,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 45% 2015 ; ; ; 70,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 40% 2016 ; ; ; 100,000 ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; 35% ;Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2013–2016 were enacted in 2013. ;Instructions a. ; Prepare the journal entries for the years 2014–2016 to record income taxes payable (refundable), ; ; ; ; ; ;income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume ; ; ; ; ; ;that Jennings elects the carryback provision where possible and expects to realize the benefits of ; ; ; ; ; ;any loss carryforward in the year that immediately follows the loss year. (b) ;Indicate the effect the 2014 entry(ies) has on the December 31, 2014, balance sheet. (c) ;Prepare the portion of the income statement, starting with “Operating loss before income taxes,” ; ; ; ; ; ;for 2014 (d) ;Prepare the portion of the income statement, starting with “Income before income taxes,” for 2015.

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