Recording NOL Carryforward Tyson Corporation reported pretax income from operations in 2020 of $224,000 (the first year of operations). In 2021, the corporation experienced a $112,000 NOL (pretax loss from operations). Management is confident the company will have taxable income in excess of $140,000 in 2022. Assume an income tax rate of 25% in 2020 and thereafter. Tyson has no other temporary differences. Required a. Provide the 2020 and 2021 income tax entries that Tyson should make. Account Name Dr. Cr. Date Dec. 31, 2020 Account Name Dr. Cr. Date Dec 31, 2021 how how all thy related items would be reported on the 2020 and 2021 income statements and balance sheets. b. Show how all tax-related items would be reported on the 2020 and 2021 income statements and balance sheets. Note: Do not use negative signs with your answers. 2020 Income statement Income before income tax $ Income tax expense Net income $ Note: Use a negative sign to indicate a loss. 2021 Income statement Loss before tax Income tax benefit $ Net loss $ Balance Sheet, Dec. 31 2020 2021 Noncurrent assets $ $ Current liabilities ( Recording NOL Carryforward Tyson Corporation reported pretax income from operations in 2020 of $224,000 (the first year of operations). In 2021, the corporation experienced a $112,000 NOL (pretax loss from operations). Management is confident the company will have taxable income in excess of $140,000 in 2022. Assume an income tax rate of 25% in 2020 and thereafter. Tyson has no other temporary differences. Required a. Provide the 2020 and 2021 income tax entries that Tyson should make. Dr. Cr. Dr. Cr. Date Account Name Dec 31, 202 Deferred Tax Asset Valuation Allowance for Deferred Tax Asset Date Income Tax Payable Dec. 31, 202 Liability for Unrecognized Tax Benefits Deferred Tax Liability Income Tax Expense b. Show ho N/A the 2020 and 2021 income statements and balance sheets. Ir nors b. Show how all tax-related items would be reported on the 2020 and 2021 income statements and balance sheets. Note: Do not use negative signs with your answers. 2020 Income statement Income before income tax $ Income tax expense Net income $ Note: Use a negative sign to indicate a loss. Income statement 2021 Loss before tax $ Income tax benefit Net loss $ 2020 2021 Balance Sheet, Dec. 31 Noncurrent assets $ $ Deferred Tax Asset Valuation Allowance for Deferred Tax Asset Income Tax Payable Liability for Unrecognized Tax Benefits Deferred Tax Liability Income Tax Expense N/A