Nash Inc. reported the following pretax income (loss) and related tax rates during the years 20192022.

		Pretax Income (loss)			Tax Rate
2019		$42,500			40	%
2020		(182,000)			40	%
2021		232,000			20	%
2022		76,600			20	%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Nash began business. The tax rates from 20192022 were enacted in 2019.

Nash Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. 2019 Pretax Income (loss) Tax Rate $42,500 40% (182,000) 40% 232,000 20% 2020 2021 2022 76,600 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Nash began business. The tax rates from 2019-2022 were enacted in 2019. Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Nash expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit 2020 Deferred Tax Asset Income Tax Expense 2021 Income Tax Expense 46400 Deferred Tax Asset Income Tax Payable 2022 Income Tax Expense 15320 Income Tax Payable 15320