Question 7 0.21/1 View Policies Show Attempt History Current Attempt in Progress Wildhorse Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $120,000 20 % 2019 93.000 20% 2020 (303,000) 25% 2021 110.000 25 % The tax rates listed were all enacted by the beginning of 2018. - Your answer is partially correct. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (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.) Debit Credit Date Account Titles and Explanation 2018 Income Tax Expense 24000 Income Tax Payable 24000 2019 Income Tax Expense 18600 Income Tax Payable 18600 2020 Income Tax Expense 75,750 Deferred Tax Asset 75,750 (To record income taxes.) Income Tax Expense 151500 Allowance to Reduce Deferred Tax Asset to Expected Realiz 151500 (To record allowance.) 2021 Income Tax Expense 27500 Deferred Tax Asset 27500 (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Realiz 110000 Income Tax Expense 110000 (To adjust allowance.)