Aoss Company has bech in businoss for sovoral yoars, durng which time it has boen profeable. For coch of those years, Poss roportod (and paid taxes on) truabib income in the same amount as pretax finardal hcome based on the folowing revonues and expenses: Ross was subject to the folowing income tax rates during this period: 2017, 30\%; and 2018,25%, During 2019, Ross oxperionced a sovere decreaso in the domand for is products. The company triod to ollset this decreese with an expensive marketing campaign, but was unsuccessiul. Consoguently, at the end of 2019 , Ross determined that to revenues were $60,000 and its expenses were $183,000 for both income taxes and financlal reporting. At the end of 2019 due to increasing competison, Aloss deemed that it was more Ikoly than not that So*s of tho future deductible arnount will not be realized. The income tax rate was 21% for the entiro period, and no change in the tax rate had been enected for tuture years. In 2020, Poss developed and introduced a new product that proved to be in high demand. For 2020 , Hoss reported revenues of 5181,000 and expenses of 5155,000 tor both income taxes and financial reporting. The applcable income trx rate was 21%. Required: 1. Prepare Floss's income tax foumal entries at the ond of 2019 . 2. Prepare Ross's 2019 income statement Inctude a note for any operating loss carplonward 3. Prepare the income tax joumal entry at the end of 2020 . 4. Prepare Ross's 20a0 income statemont. 1. Prepare Ross's incorme tax joumal ontries on Docember 31,2019. Genoral Joumal instructions How does srading work? 2. Prepare Rass's 2019 income statement. Include a note for any operating loss carryforward. income Statements instructions