Problem 19-05 a, c-d Vaughn Inc. reported the following pretax income (loss) and related tax rates during the years 2019-2022. 2019 2020 2021 2022 Pretax Income (loss) $42,400 (195,000) 245,000 76,900 Tax Rate 40% 40% 20% 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Vaughn began business. The tax rates from 2019-2022 were enacted in 2019. Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Vaughn 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 o for the amounts.) Date Account Titles and Explanation Debit Credit 2020 Deferred Tax Asset 78000 X X Benefit Due to Loss Car 78000 2021 Income Tax Expense 49000 Income Tax Payable 18280 X Deferred Tax Asset 30720 2022 Income Tax Expense 15380 Income Tax Payable 15380 Your answer is partially correct. Try again. Prepare the portion of the income statement, starting with "Operating loss before income taxes," for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Vaughn Inc. Income Statement (Partial) For the Year Ended December 31, 2020 Operating Loss before Income Taxes -195000 Income Tax Benefit Income Tax Expense - Loss Carryforward 78000 x..... Net Income / (Loss) -117000 Prepare the portion of the income statement, starting with "Income before income taxes," for 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Vaughn Inc. Income Statement (Partial) For the Year Ended December 31, 2021 Income before Income Taxes 245000 Income Tax Expense Current 18280 Deferred 30720 49000 Net Income / (Loss) 196000