Blue Spruce Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes:

		Accounting
		Income
Year		(Loss)			Tax Rate
2018		$122,000			25	%
2019		99,000			25	%
2020		(300,000	)		30	%
2021		225,000			30	%

The tax rates listed were all enacted by the beginning of 2018. Blue Spruce reports under the ASPE future/deferred income taxes method.

Assuming the tax loss is first carried back and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line Income (loss) before income tax. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Blue Spruce Inc. (Partial) Income Statement choose the accounting period

select an income statement item

				$enter a dollar amount
select an income statement item

		$enter a dollar amount
select an income statement item

		enter a dollar amount
				enter a subtotal of the two previous amounts
select a closing name for this statement

				$enter a total net income or loss amount

Blue Spruce Inc. (Partial) Income Statement choose the accounting period

select an income statement item

				$enter a dollar amount
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
				enter a subtotal of the two previous amounts
select a closing name for this statement

				$enter a total net income or loss amount