Concord Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income Year (Loss) Tax Rate 2018 $129,000 17 % 2019 118,000 17 % 2020 (210,000) 19 % 2021 315,000 19 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for 2020 and 2021, assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2020 Income Tax Refund Receivable 39900 Benefit Due to Loss Carryforward 39900 (To record refund.) Income Tax Expense 9975 Allowance to Reduce Deferred Tax Asset to Expected Rea 9975 (To record allowance.) 2021 Allowance to Reduce Deferred Tax Asset to Expected Rea 9975 (To record allowance.) 2021 I III II IN ONE (To record income taxes.) (To adjust allowance.)