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
2019		($250,000)	20%
2020		$85,000	20%
2021		$200,000	20%
Olive elects to use the carry forward procedures with no valuation allowance and
strongly anticipates future profits to recover losses.
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 2021

D.

Show the income tax section and loss section of the income statement for 2021