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Prepare the income tax journal entry

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Reference no: EM131730437

Problem - Horton Company began business in 2015 and reported the following results for accounting and tax purposes:

Year                              Pretax Financial Income (loss)            Tax Rate

2015                              100,000                                            25%

2016                              240,000                                            35%

2017                              (400,000)                                         35%

2018                              300,000                                           40%

They elected the carry back option for net operating losses.

Prepare the income tax journal entry for 2017. Assume a valuation account is not necessary.  Then, determine the net income or loss for 2017.  Then, prepare the journal entry to record income taxes for 2018.

Reference no: EM131730437

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