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

		Accounting
		Income
Year		(Loss)			Tax Rate
2018		$131,000			25	%
2019		94,000			25	%
2020		(304,000	)		30	%
2021		229,000			30	%

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

Assume that Bridgeport Inc. uses a valuation allowance to account for deferred tax assets, and also that it is more likely than not that 25% of the carryforward benefits will not be realized. Prepare the journal entries for 2020 and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
2020	enter an account title to record benefit from loss carryback	enter a debit amount	enter a credit amount
	enter an account title to record benefit from loss carryback	enter a debit amount	enter a credit amount
	(To record benefit from loss carryback)
	enter an account title to record future benefit from loss carryforward	enter a debit amount	enter a credit amount
	enter an account title to record future benefit from loss carryforward	enter a debit amount	enter a credit amount
	(To record future benefit from loss carryforward)
	enter an account title to adjust future tax asset account to net realizable value	enter a debit amount	enter a credit amount
	enter an account title to adjust future tax asset account to net realizable value	enter a debit amount	enter a credit amount
	(To adjust future tax asset account to net realizable value)
2021	enter an account title to record current tax expense	enter a debit amount	enter a credit amount
	enter an account title to record current tax expense	enter a debit amount	enter a credit amount
	(To record current tax expense)
	enter an account title to record future tax expense	enter a debit amount	enter a credit amount
	enter an account title to record future tax expense	enter a debit amount	enter a credit amount
	(To record future tax expense)
	enter an account title to adjust future tax asset account to net realizable value	enter a debit amount	enter a credit amount
	enter an account title to adjust future tax asset account to net realizable value	enter a debit amount	enter a credit amount
	(To adjust future tax asset account to net realizable value)

Based on your above entries, 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).)

Bridgeport Inc. (Partial) Income Statement choose the accounting period For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
select an income statement item Future Tax LiabilityFuture Tax AssetIncome Tax Expense - FutureNet Income / (Loss)Income / (Loss) Before Income TaxCurrent Income Tax Benefit due to Loss CarrybackFuture Income Tax Benefit due to Loss CarryforwardIncome Tax Expense - Current				$enter a dollar amount
select an income statement item Future Tax LiabilityCurrent Income Tax Benefit due to Loss CarrybackIncome Tax Expense - CurrentFuture Income Tax Benefit due to Loss CarryforwardIncome / (Loss) Before Income TaxNet Income / (Loss)Future Tax AssetIncome Tax Expense - Future		$enter a dollar amount
select an income statement item Future Income Tax Benefit due to Loss CarryforwardFuture Tax AssetCurrent Income Tax Benefit due to Loss CarrybackIncome / (Loss) Before Income TaxNet Income / (Loss)Income Tax Expense - CurrentIncome Tax Expense - FutureFuture Tax Liability		enter a dollar amount
				enter a subtotal of the two previous amounts
select a closing name for this statement Operating Income / (Loss) Before Income TaxFuture Income Tax Benefit due to Loss CarryforwardCurrent Income Tax Benefit due to Loss CarrybackNet Income / (Loss)Income Tax Expense - CurrentFuture Tax LiabilityIncome Tax Expense - FutureFuture Tax Asset				$enter a total net income or loss amount

Bridgeport Inc. (Partial) Income Statement choose the accounting period December 31, 2021For the Year Ended December 31, 2021For the Month Ended December 31, 2021
select an income statement item Income Tax Expense - FutureFuture Tax LiabilityNet Income / (Loss)Income Tax Expense - CurrentFuture Tax AssetCurrent Income Tax Benefit due to Loss CarrybackIncome / (Loss) Before Income TaxFuture Income Tax Benefit due to Loss Carryforward				$enter a dollar amount
select an income statement item Net Income / (Loss)Income Tax Expense - CurrentCurrent Income Tax Benefit due to Loss CarrybackFuture Tax AssetIncome / (Loss) Before Income TaxFuture Tax LiabilityFuture Income Tax Benefit due to Loss CarryforwardIncome Tax Expense - Future		$enter a dollar amount
select an income statement item Income Tax Expense - CurrentCurrent Income Tax Benefit due to Loss CarrybackFuture Tax AssetFuture Income Tax Benefit due to Loss CarryforwardNet Income / (Loss)Future Tax LiabilityIncome Tax Expense - FutureIncome / (Loss) Before Income Tax		enter a dollar amount
				enter a subtotal of the two previous amounts
select a closing name for this statement Income / (Loss) Before Income TaxFuture Tax LiabilityIncome Tax Expense - FutureFuture Tax AssetFuture Income Tax Benefit due to Loss CarryforwardCurrent Income Tax Benefit due to Loss CarrybackNet Income / (Loss)Income Tax Expense - Current				$enter a total net income or loss amount