e) In its first year of operations, 2019, Bose Ltd. reports taxable income of $75,000 and paid 13% in income taxes. It is now the end of 2020, and Bose Ltd. has a loss of ($200,000) for tax purposes due to a global pandemic. Bose's management believes at the end of 2020, that it is likely the company will be able to use up its tax losses as sales are now increasing rapidly. The tax rate is currently 13% but rates are expected to increase to 15% starting in 2021. The company is not short of cash but does wish to maximize profit in all its tax years. Required: Prepare the required entries based on the above information