Monastery Wines Ltd. reported the following taxable income and losses: Year 2016 2017 2018 2019 2020 Taxable income (loss) $250,000 $125,000 $330,000 $(750,000) $56,000 Taxes rate 30% 30% 28% 27% 26% There are no temporary differences other than those created by income tax losses. All tax rates are 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