Swifty Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:

		Accounting				Tax
Year		Income (Loss)				Rate
2015		$70,000				25%
2016		22,000				25%
2017		60,000				25%
2018		80,000				30%
2019		(203,000	)			35%
2020		71,000				30%
2021		91,000				25%

Accounting income (loss) and taxable income (loss) were the same for all years since Swifty began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Swifty Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b).

Assume now that Swifty uses a valuation allowance account along with its Future Tax Asset account. Identity which entries in the previous part of the question would differ and prepare them. indented when the 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.) 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 LIN Deferred Tax Expense Income Tax Payable Future Tax Expense LINK Future Tax Asset Allowance to Reduce Future Tax Asset to Expected Realizable Value No Entry Future Tax Benefit Indicat Current Tax Expense future. Current Tax Benefit Deferred Tax Benefit Deferred Tax Asset ould be reported. Assume that Swifty uses the carryback provision where possible but is uncertain if it will reali sing either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Indicate how the bottom portion of the income statements for 2019 and 2020 would be reported. Assume that Swifty uses the carryback provision where possible but is uncertain if it will realize the benefits of any future. Swifty 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).) Swifty Inc. (Partial) Income Statement 2019 $ Swifty Inc. (Partial) Income Statement 2020 K TO TEXT LINK TO TEXT LINK TO VIDEO Future Tax Liability Income Tax Expense - Future Income Tax Expense - Current Income Before Income Tax Net Income / (Loss) Future Tax Asset Question Attempts: 0 of 3 used SAVE FOI