Ajax Corporation had a net operating loss of $1.4M in 2020, followed by accounting and taxable income in 2021 and 2022 of $0.8M and $2.3M, respectively. Tax rates in all years were 20%. Assume carrybacks are not permitted and carryforwards are limited to 80% of taxable income.

Required: Provide the journal entries in 2020, 2021, and 2022 to record income taxes and the effect of the carryforward.