Jayryan Company sells products in a volatile market. The company began operating in 2017 and reported (and paid taxes on) taxable income in 2017 and 2018. It has one taxable temporary difference (future taxable amount) and reconciled its taxable income to its pretax financial income for 2017 and 2018 as follows:

Taxable income

2017-$25,000

2018-$53,000

Temporary difference

2017-2,500

2018-4,800

Pretax financial income

2017-$27,500

2018-$57,800

In 2019, because of a downturn in the market, Jayryan reported a taxable loss of $90,000, and it was uncertain as to future profits. A temporary difference of $2,700 resulted in an $87,300 pretax operating loss for financial reporting. In 2020 and 2021, Jayryan was again profitable and reported the following items:

Taxable income

2020-$57,000

2021-$69,000

Temporary difference

2020-2,300

2021-2,800

Pretax financial income

2020-$59,300

2021-$71,800

The income tax rate has been 30% since 2017, and no change in the tax rate has been enacted for future years.

1) Put together a schedule that shows the deferred taxes for each year, 2017 through 2021.

2) Based on the schedule prepared in Requirement 3, put together Jayryan's income tax journal entry at the end of 2019.

3)

show a partial income statement for 2019. Include a note for any operating loss carryforward.