Metlock Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Metlock Inc. follows IFRS. Year 2020 Accounting Income (Loss) $126,000 110,000 (336,000) 234,000 Tax Rate 18% 18% 2021 2022 16% 2023 16% The tax rates were all enacted by the beginning of 2020. 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. (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. Record journal entries in the order presented in the problem.) Date Debit Credit Account Titles and Explanation Current Tax Expense 2020 22680 Income Tax Payable 22680 2021 Current Tax Expense 19800 Income Tax Payable 19800 2022 Income Tax Receivable 42480 Current Tax Benefit 42480 (To record benefit from loss carryback.) Deferred Tax Asset 16000 Deferred Tax Benefit 16000 2022 Income Tax Receivable 42480 Current Tax Benefit 42480 (To record benefit from loss carryback.) Deferred Tax Asset 16000 16000 Deferred Tax Benefit (To record deferred tax benefit from loss carryforward.) Current Tax Expense 2023 21440 21440 Income Tax Payable (To record current tax expense.) Deferred Tax Expense 16000 16000 Deferred Tax Asset (To record deferred tax expense.) 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 80% of the carryforward benefits will be realized (20% not expected to be realized). A valuation allowance account is not used by the company. (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. Record journal entries in the order presented in the problem.) Date Debit Credit Account Titles and Explanation Income Tax Receivable 2022 42480 Current Tax Benefit 42480 (To record benefit from loss carryback.) Deferred Tax Asset 16000 16000 Deferred Tax Benefit (To record deferred tax benefit from loss carryforward.) 2023 Income Tax Payable 37440 Deferred Tax Asset 37440 (To record current tax expense.) rwar 2023 Income Tax Payable 37440 37440 Deferred Tax Asset (To record current tax expense.) Allowance to Reduce Deferred Tax Asset to Expected Realiz 4000 Deferred Tax Benefit-Discontinued Operations 4000 (To record deferred tax expense.)