*Exercise 113 In 2018, its first year of operations, Kimble Corp. has a $910,000 net operating loss when the tax rate is 30%. In 2019, Kimble has $460,000 taxable income and the tax rate remains 30%. Assume the management of Kimble Corp. thinks that it s more likely than not that the loss carry o ar not be realized in the near ture because t is a ne company this s before e uit of What are the entries in 2018 to record the tax effects of the loss carryforward? (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation 19 perations are know n Debit Credit (To recognize benefit of loss carryforward) (To record allowance amount) what entries ould be made in 2019 to ecord the current and deferred income taxes and to recognize the loss carryf (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Assume a at t een o 201) s more e r than not tha thede erre a ass be realized Account Titles and Explanation Debit Credit To record current and deferred income taxes) To eliminate allowance and recognize loss carryforward)