Beilman Inc. reports the following pretax income (loss) for both book and tax purposes.

Year		Pretax Income (Loss)			Tax Rate
2018		$120,000			20	%
2019		90,000			20	%
2020		(280,000)			25	%
2021		120,000			25	%

The tax rates listed were all enacted by the beginning of 2018.

Prepare the journal entries for years 20182021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized.

Date Account cities and explanation vedit credit Income Tax Expense 24000 Income Tax Payable 24000 2019 Income Tax Expense 18000 Income Tax Payable 18000 20207 Income Tax Expense 70000) 70000 Deferred Tax Asset (To record income taxes.) Income Tax Expense Allowance to Reduce Defer (To record allowance.) 21 Income Tax Expense 30000 30000 Deferred Tax Asset (To record income taxes.) Allowance to Reduce Defer Income Tax Expense (To adjust allowance.)