ACCOUNTS:

• Allowance to Reduce Deferred Tax Asset to Expected Realizable Value
• Allowance to Reduce Future Tax Asset to Expected Realizable Value
• Current Tax Benefit
• Current Tax Benefit - Discontinued Operations
• Current Tax Expense
• Current Tax Expense - Discontinued Operations
• Current Tax Payable
• Deferred Tax Asset
• Deferred Tax Benefit
• Deferred Tax Benefit - Discontinued Operations
• Deferred Tax Benefit-OCI
• Deferred Tax Expense
• Deferred Tax Expense - Discontinued Operations
• Deferred Tax Expense-OCI
• Deferred Tax Liability
• FV-NI Investments
• FV-OCI Investments
• Future Tax Asset
• Future Tax Benefit
• Future Tax Expense
• Future Tax Liability
• Income Tax Payable
• Income Tax Receivable
• Investment Income or Loss
• Land
• No Entry
• Retained Earnings
• Unrealized Gain or Loss
• Unrealized Gain or Loss-OCI

Flint Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Tax Rate Year 2018 Accounting Income (Loss) $129,000 91,000 (301,000) 221,000 25 % 2019 25 % 2020 30 % 2021 30 % The tax rates listed were all enacted by the beginning of 2018. Flint reports under the ASPE future/deferred income taxes method. Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit 2018 2019 2020 (To record benefit from loss carryback) (To record deferred benefit from loss carryforward) 2021 (To record current tax expense) (To record deferred tax expense) Assuming the tax loss is first carried back and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line Income (loss) before income tax. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Flint Inc. (Partial) Income Statement $