In 2020, its first year of operations, M Inc. reported a $ 300,000 gain for tax purposes. However, in 2021, M reported a $ 700,000 taxable loss. The tax rate is 30%, and is likely to remain at this rate for the foreseeable future. The company reports under IFRS. Assume that, at the end of 2021, because the company's products were becoming obsolete, the company's management thought that it was probable that the loss carryforward would not be realized in the near future. Required: a) Record entries (if any) that would be prepared in 2021 to record the tax effect of the loss? b) Assume that the loss was not because of an obsolete product, but rather totally due to the COVID-19 pandemic, and the economy was expected to be really good in the future. Company management is really optimistic Record entries (if any) that would be prepared in 2021 to record the tax effect. c) Assume the information in Requirement (b). Record entries (if any) that would be prepared in 2021 to record the tax effect if the government enacted a 40% tax rate in 2022. d) Assume the information in Requirement (b). (Ignore req't (c):) Prepare the Income Statement from Net Income before tax and below to the Net income amount for 2021