Question 4 Concord Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Accounting Tax Year Income (Loss) Rate 2015 $69,000 25% 2016 25,000 25% 2017 58,000 25% 2018 78,000 30% 2019 (219,000 ) 35% 2020 69,000 30% 2021 91,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Concord began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Concord Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b). Prepare the journal entries to record income taxes for the years 2019 to 2021. Assume that Concord uses the carryback provision where possible and 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 the 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.) Year Account Titles and Explanation Debit Credit 2019 (To record benefit from loss carryback) 2019 (To record future benefit from loss carryforward) 2020 (To record current tax expense) 2020 (To record future tax expense) 2021 (To record income taxes) Show how the bottom portion of the income statement would be reported in 2019, beginning with Loss before income tax. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord Inc. (Partial) Income Statement 2019 $ $ $ Show how the bottom portion of the income statement would be reported in 2020, starting with Income before income tax. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord Inc. (Partial) Income Statement 2020 $ $ $ Prepare the journal entries for the years 2019 to 2021 to record income taxes, assuming that Concord uses the carryback provision where possible but is uncertain if it will realize the benefits of any loss carryforward in the future. Concord does not use a valuation allowance. (Credit account titles are automatically indented when the 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.) Year Account Titles and Explanation Debit Credit 2019 2020 2021 Assume now that Concord uses a valuation allowance account along with its Future Tax Asset account. Identify which entries in the previous part of the question would differ and prepare them. (Credit account titles are automatically indented when the 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.) Year Account Titles and Explanation Debit Credit 2019 (To record future benefit from loss carryforward) 2019 (To bring future tax asset account to its realizable value) 2020 (To adjust future tax asset account) 2020 (To bring future tax asset account to its realizable value) Indicate how the bottom portion of the income statements for 2019 and 2020 would be reported. Assume that Concord uses the carryback provision where possible but is uncertain if it will realize the benefits of any loss carryforward in the future. Concord does not use a valuation allowance. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord Inc. (Partial) Income Statement 2019 $ $ Concord Inc. (Partial) Income Statement 2020 $ $