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Monastery Wines Inc. reported the following taxable income and losses. There are no temporary differences other than those created by income tax losses. All tax

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Monastery Wines Inc. reported the following taxable income and losses. There are no temporary differences other than those created by income tax losses. All tax rates fre enacted in the year to which they relate. The use of tax loss carryforwards is probable in the year of loss. Required: Prepare the journal entry to record income tax for 2019 and 2020

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