Pina Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $71,040 25 % 2016 (103,600 ) 20 % 2017 133,200 20 % 2018 44,400 20 % 2019 155,400 20 % 2020 (88,800 ) 25 % 2021 187,600 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Pina has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. How should the income tax expense section of the income statement for 2020 appear? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pina Corporation Income Statement (Partial) December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 DividendsExpensesDeferredCurrentIncome Tax BenefitNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $ DividendsExpensesDeferredCurrentIncome Tax BenefitNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Dividends Expenses
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