Problem 19-05 a, c-d (Part Level Submission)

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

		Pretax Income (loss)			Tax Rate
2019		$40,600			40	%
2020		(183,000)			40	%
2021		233,000			20	%
2022		80,500			20	%

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

(a) Prepare the journal entries for the years 20202022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Swifty 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 0 for the amounts.)