Part 1 In 2020, its first year of operations, Cali Inc. reported a $500,000 loss for tax purposes. Cali's management thought it was probable the loss carryforward would be realized in the near future In 2021, Cali reported a $200,000 taxable loss. The tax rate is 26% and is likely to remain at this rate for the foreseeable future. Cali reports under ASPE Required: a) What entries (if any) would be prepared in 2020 to record the loss carryforward? I Date Account Debit Credit b) What entries (if any) would be prepared in 2021 to record current and/or deferred taxes? Date Account Debit Credit Part 1 In 2020, its first year of operations, Cali Inc. reported a $500,000 loss for tax purposes. Cali's management thought it was probable the loss carryforward would be realized in the near future In 2021, Cali reported a $200,000 taxable loss. The tax rate is 26% and is likely to remain at this rate for the foreseeable future. Cali reports under ASPE Required: a) What entries (if any) would be prepared in 2020 to record the loss carryforward? I Date Account Debit Credit b) What entries (if any) would be prepared in 2021 to record current and/or deferred taxes? Date Account Debit Credit