Question 1 Leopard Limited reported the following pre-tax incomes (losses) for both nancial reporting and tax purposes: Year Accounting and Taxable Income [Loss) Tax Rate 2018 $240,000 35% 2019 180,000 35% 2020 (560,000) 40% 2021 440,000 40% The tax rates were enacted at the beginning of each year for that year. Required: Prepare the journal entries to record income taxes for Leopard Limited for 2020 and 2021. The company uses the carry back provision rst. Assume that utilization of the tax loss carryforward was expected