Practice Problem 3 (20 minutes) (un The following are Fashion Forward Inc.'s (FFI) profit (losses) before taxes and related tax rates for the years 2015 to 2020: Profit/(loss) before tax Tax rate 2015 $ 75,000 32% 2016 100,000 30% 2017 200,000 29% 2018 300,000 28% 2019 (800,000) 27% 2020 325,000 26% FFI has no permanent or temporary differences and has determined that it is probable that any non-capital loss carryforwards will be applied against future income before they expire. FFI reports under the IFRS framework. Required: a) Calculate the income tax expense (recovery) for FFI for 2019 and 2020 and prepare the related journal entries. Assume that the tax rates for each year were enacted in that year and were unknown before that year, and that FFI will carry back losses to the greatest extent possible. 150XS S M b) Show how the effects of income taxes would be presented on the statement of comprehensive income for each of the years 2019 and 2020