Owords Question 9 9 pts The Keiso Company began operations in 2014. After a period of profitable years, it incurred a significant loss in 2018; however, it returned to profitable operation in 2019. Listed below is information concerning the company's taxable income/loss, applicable income tax rates and taxes paid. Year Taxable income/Loss Tax Rate 2014 $175,000 30% 2015 150,000 35% 2016 100,000 30% 2017 200,000 40% 2018 (500,000) 40% 2019 600,000 40% In spite of the loss in 2018, Keiso's management expected to return to profitable operations and utilized the operating loss carryforward election of the income tax laws. REQUIRED 1. Prepare the 2018 journal entry necessary to reflect management's decision to use the operating loss carry forward. 2. Prepare the journal entry for 2019 to record the companies income taxes. B IV AA-I EX31 1 x - 2 TT TT 12pt Paragraph