Crane Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes.

Year		Pretax Income (Loss)			Tax Rate
2018		$112,000			17	%
2019		95,000			17	%
2020		(284,000)			19	%
2021		300,000			19	%

The tax rates listed were all enacted by the beginning of 2018.

(a)

Partially correct answer iconYour answer is partially correct.

Prepare the journal entries for the years 20182021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
2018	Income Tax Expense	19040
	Income Tax Payable		19040
2019	Income Tax Expense	16150
	Income Tax Payable		16150
2020	Deferred Tax Expense	53960
	Income Tax Expense		53960
2021	Income Tax Expense	57000
	Income Tax Payable		3040
	Deferred Tax Expense		53960