Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future.

Prepare the journal entries for 2020 and 2021, assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized.

Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year 2018 2019 2020 2021 Pretax Income (Loss) $120,000 90,000 (280,000) 300,000 Tax Rate 17% 17% 19% 19% The tax rates listed were all enacted by the beginning of 2018. Date Account Titles and Explanation Debit Credit Income Tax Expense 20400 Income Tax Payable 20400 20joy Income Tax Expense 15300 Income Tax Payable 15300 E 2020) Deferred Tax Asset 53200 Income Tax Expense 53200| 201 Income Tax Expense 57,000 Income Tax Payable T Deferred Tax Asset Date Account Titles and Explanation Debit Credit 2020 Deferred Tax Asset Income Tax Expense (To record refund.) Income Tax Expense Allowance to Reduce Defer (To record allowance.) Income Tax Expense 57,000 Income Tax Payable Deferred Tax Asset (To record income taxes.) Tallowance to Reduce Defer Income Tax Expense (To adjust allowance.)