(Answered) Question - utopia began business in 2015 and reported the

Accounting

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.

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