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At the end of 2016, Keil Company reports a pretax operating loss of $80,000 for...

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Accounting

At the end of 2016, Keil Company reports a pretax operating loss of $80,000 for both financial reporting and income tax purposes. Prior to 2016, Keil had been successful and had reported and paid taxes on the following pretax financial income and taxable income: 2013, $37,200; 2014, $51,900; and 2015, $53,800. Keil had been subject to tax rates of 20% in 2013, 25% in 2014, and 30% in 2015.

Required:

1. Prepare Keils income tax journal entry at the end of 2016.
2. Prepare the lower portion of Keils 2016 income statement.

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