Ivanhoe Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Ivanhoe Inc. follows IFRS.

a) Prepare the journal entries for the years 2020 to 2023 to record income taxes, assuming the tax loss is first carried back and that at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future.

b) Prepare the journal entries for 2022 and 2023 assuming that, based on the weight of available evidence, it is more likely than not that only 75% of the carryforward benefits will be realized (25% not expected to be realized). A valuation allowance account is not used by the company.

Year Tax Rate 2020 18% Accounting Income (Loss) $136,000 106,000 (292,000 ) 188,000 2021 18% 2022 16% 2023 16% Date Account Titles and Explanation Debit Credit 2020 Current Tax Expense 24480 Income Tax Payable 24480 2021 A Current Tax Expense 19080 Income Tax Payable 19080 2022 Income Tax Receivable Current Tax Benefit (To record benefit from loss carryback.) Deferred Tax Asset Deferred Tax Benefit (To record deferred tax benefit from loss carryforward.) 20234 Current Tax Expense Income Tax Payable (To record current tax expense.) Deferred Tax Expense Deferred Tax Asset (To record deferred tax expense.) Date Account Titles and Explanation Debit Credit 2022 4 Income Tax Receivable Current Tax Benefit (To record benefit from loss carryback.) Deferred Tax Asset Deferred Tax Benefit (To record deferred tax benefit from loss carryforward.) 2023 4 Current Tax Expense Income Tax Payable (To record current tax expense.) Deferred Tax Expense Deferred Tax Asset (To record deferred tax expense.)