Exercise 19-24 Wildhorse Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $120,000 20% 2019 93,000 20% 2020 (82,000) 25% 2021 110,000 25% The tax rates listed were all enacted by the beginning of 2018. Your answer is partially correct. Try again. 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 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.) Debit Credit Date Account Titles and Explanation 2018 Income Tax Expense 24000 Income Tax Payable 24000 2019 Income Tax Expense 18600 Income Tax Payable 18600 2020 Deferred Tax Asset 20500 > 20500 Income Tax Refund Rec (To record income taxes.) Benefit Due to Loss Carryf 10250 10250 Allowance to Reduce De (To record allowance.) 2021 Income Tax Expense 27500 Deferred Tax Asset 20500 > 7000 Income Tax Payable (To record income taxes.) Allowance to Reduce Defer 10250 10250 Benefit Due to Loss Car (To adjust allowance.) Exercise 19-24 Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Benefit Due to Loss Carryback Benefit Due to Loss Carryforward Deferred Tax Asset Deferred Tax Liability Income Tax Expense Income Tax Payable Income Tax Refund Receivable No Entry Your answer is partially correct. Try again. Prepare the income tax section of the 2020 income statement beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Wildhorse Inc. Income Statement (Partial) For the Year Ended December 31, 2020 Operating Loss before Income Taxes Income Tax Benefit Deferred x Net Income / (Loss) SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the income tax section of the 2021 income statement beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Wildhorse Inc. Income Statement (Partial) For the Year Ended December 31, 2021 Income Tax Benefit Due to Loss Carryback Income Tax Expense Current Deferred I Net Income / (Loss) SHOW LIST OF ACCOUNTS LINK TO TEXT Show List of Accounts. Question assistance is used with enabled Points Potential policy