Below are the taxable profits and losses for the past few years along with the tax rates on income reported for Olive Company. Income Tax Rate 2016 $100,000 35% 2017 $20,000 35% 2018 $100,000 35% 2019 ($250,000) 20% 2020 $85,000 20% 2021 unknown 20% Olive elects to use both carry back and carry forward procedures with no valuation allowance and strongly anticipates future profits to recover losses. a. Record the tax effect of the above for 2019 b Show the income tax section and loss section of the income statement for 2019 c. Record the tax effect of the above for 2020