6 8 1 1 Problem 5 INOL 2 ABC reported a pretax GAAP loss of ($200,000) for the year ended December 31, 2020. ABC's tax 3 accounting methods and GAAP accounting methods are the same and there are no permanent differences 4 in 2020. The corporate tax rate is 21% in 2020 and future years. 5 Required 7 1. Prepare the entries needed to record current and deferred income taxes at December 31, 2020. 9 Enter your entries below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box 10 Account Debit Credit 11 12 13 14 15 16 17 18 Inter your newer to the following question in the green box 19 What amount of net income will be reported on the 2020 income statement? 20 NOTE enter a los as a negative value 21 22 23 2. Ansume that ABC returned to profitability in 2021, reporting pretax GAAP income of $100,000 for the 24 year ended December 31, 2021. ABC's tax accounting methods and GAAP accounting methods are the 25 rame in 2021 and there are no permanent differences in 2021. Prepare the entries needed to record 26 current and deferred income taxes at December 31, 2021 27 29 Enter your entries below. Choose the account from the drop down list in the yellow cell inter the amount of the cany in the green box 29 Account Debit Credit 1 1 1 1 1 30 2 2 2 32 33 2 2 36 41 42 43 3. Repeat 2 assuming that ABC's pretax income for the year ended December 31, 2021 was $500,000. 44 46 Enter your entries below. Choose the necount from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Account Debit Credit 47 48 49 50 51 31 3 3 3 3 3 53 55 ter wer to the following question in the green box 56 What amount of me income will be reported on the 2021 income statement? 1 Column Columni Deferred Income tax asset (Bal. Sht) Deferred Income tax asset valuation allowance (Bal. Sht) Deferred Income tax liability (Bat.Sht) Income tax payable (Bal.Sht) Liability for uncertain tax position (Bal. Sht) Income tax expense (Inc. Stmt) 9 10 11 12 10 6 8 1 1 Problem 5 INOL 2 ABC reported a pretax GAAP loss of ($200,000) for the year ended December 31, 2020. ABC's tax 3 accounting methods and GAAP accounting methods are the same and there are no permanent differences 4 in 2020. The corporate tax rate is 21% in 2020 and future years. 5 Required 7 1. Prepare the entries needed to record current and deferred income taxes at December 31, 2020. 9 Enter your entries below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box 10 Account Debit Credit 11 12 13 14 15 16 17 18 Inter your newer to the following question in the green box 19 What amount of net income will be reported on the 2020 income statement? 20 NOTE enter a los as a negative value 21 22 23 2. Ansume that ABC returned to profitability in 2021, reporting pretax GAAP income of $100,000 for the 24 year ended December 31, 2021. ABC's tax accounting methods and GAAP accounting methods are the 25 rame in 2021 and there are no permanent differences in 2021. Prepare the entries needed to record 26 current and deferred income taxes at December 31, 2021 27 29 Enter your entries below. Choose the account from the drop down list in the yellow cell inter the amount of the cany in the green box 29 Account Debit Credit 1 1 1 1 1 30 2 2 2 32 33 2 2 36 41 42 43 3. Repeat 2 assuming that ABC's pretax income for the year ended December 31, 2021 was $500,000. 44 46 Enter your entries below. Choose the necount from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Account Debit Credit 47 48 49 50 51 31 3 3 3 3 3 53 55 ter wer to the following question in the green box 56 What amount of me income will be reported on the 2021 income statement? 1 Column Columni Deferred Income tax asset (Bal. Sht) Deferred Income tax asset valuation allowance (Bal. Sht) Deferred Income tax liability (Bat.Sht) Income tax payable (Bal.Sht) Liability for uncertain tax position (Bal. Sht) Income tax expense (Inc. Stmt) 9 10 11 12 10