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Date Account Titles and Explanation Debit Credit 2018 2019 2020 (To record income taxes.) (To record allowance.) 2021 (To record income taxes.) Skysong Inc reports

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Date Account Titles and Explanation Debit Credit 2018 2019 2020 (To record income taxes.) (To record allowance.) 2021 (To record income taxes.) Skysong Inc reports the following pretax income (loss) for both book and tax purposes. The tax rates listed were all enacted by the beginning of 2018 . Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carrytorward will not be realized, fCredit account tittes are outomatically indented when amount is entered. Do not indent manually if no entry is required, select "No Entrv" for the account tities and enter Ofor the amounts) (To record allowance.) 2021 (To record income taxes.) (To adjust allowance.) eTextbook and Media List of Accounts Prepare the income tax section of the 2021 income statement beginning with the line "Income before income taxes." (Enter negathe amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45)) Prepare the income tax section of the 2020 income statement beginning with the line "Operating loss before income taxes:" (Enter negotive anounts using either a negative sign preceding the number e.g. -45 or parenthesese.g. (45)]

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