Flint Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Accounting Income Year (Loss) Tax Rate 2018 $129.000 25 % 2019 91,000 25 % 2020 (301,000) 30 % 2021 221,000 30 % The tax rates listed were all enacted by the beginning of 2018. Flint reports under the ASPE future/deferred income taxes method. Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benehts are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit CE Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2018 Current Tax Expense 32250 Income Tax Payable 32250 2019 Current Tax Expense 22750 Income Tax Payable 22750 2020 Income Tax Receivable 55000 Current Tax Benefit 55000 (To record benefit from loss carryback) Deferred Tax Asset 24300 Future Tax Benefit 24300 (To record deferred benefit from loss carryforward) 2019 Current Tax Expense 22750 Income Tax Payable 22750 2020 Income Tax Receivable 55000 Current Tax Benefit 55000 (To record benefit from loss carryback) Deferred Tax Asset 24300 Future Tax Benefit 24300 (To record deferred benefit from loss carryforward) 2021 Current Tax Expense 42000 Income Tax Payable 42000 (To record current tax expense) Future Tax Expense 24300 Deferred Tax Asset 24300 (To record deferred tax expense) Assuming the tax loss is first carried back and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. - 45 or parentheses e.g. (45).) Flint Inc. (Partial) Income Statement For the Year Ended December 31, 2020 Income /(Loss) Before Income Tax $ -301000 Current Benefit due to Loss Carryback 55000 Future Benefit due to Loss Carryforward : 24300 79300 $ -221700 Net Income /(Loss) Flint Inc. (Partial) Income Statement For the Year Ended December 31, 2021 221000 Incore/(Loss) Before Income Tax . Flint Inc. (Partial) Income Statement For the Year Ended December 31, 2021 Income /(Loss) Before Income Tax 221000 Current Tax Benefit $ 42000 Deferred Tax Benefit 24300 66300 Net Income /(Loss) 154700 e Textbook and Media List of Accounts Prepare the journal entries for 2020 and 2021. Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Prepare the journal entries for 2020 and 2021. Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit 2020 Income Tax Receivable Deferred Tax Asset (To record benefit from loss carryback.) Current Tax Benefit Future Tax Benefit (To record future benefit from loss carryforward.) 2021 Current Tax Expense Income Tax Payable (To record current tax expense.) Deferred Tax Asset Deferred Tax Asset (To record benefit from loss carryback.) Current Tax Benefit Future Tax Benefit (To record future benefit from loss carryforward.) 2021 Current Tax Expense Income Tax Payable (To record current tax expense.) Deferred Tax Asset (To record deferred tax expense.) eTextbook and Media Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. Prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Flint Inc. (Partial) Income Statement $ Flint Inc. (Partial) Income Statement Flint Inc. (Partial) Income Statement $ e Textbook and Media List of Accounts