Hayes company reported the following pretax financial income for the years 2016 to 2019. for each of those years, the company reported (and paid taxes on) taxable income in the same amount as follows2016 $480,0002017 700,0002018 180,0002019 (1,100,000)2020 360,000the company was subject to a 34% tax rate for 2017and prior and 40% for 2018 and thereafter. assume the company will elect to carryback first before carrying forward any nol. because of the significant losses in 2019, assume that based on evaluating the evidence the company believes that it is more likely than not at the end of 2019 that 20% of the tax benefits of the operating loss carryforward will not be realized. instructions: 1.prepare the income tax journal entries at the end of 2019.2. prepare the 2019 income statement beginning with income/loss before income taxes.

Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)