Tamarisk Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income Year (Loss) Tax Rate 2018 $128,000 17 % 2019 118,000 17 % 2020 (232,000 ) 19 % 2021 306,000 19 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (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.) Date Account Titles and Explanation 2018 Debit Credit 2019 2020 2020 2021 Assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Tamarisk Inc. Income Statement (Partial) $ $ Prepare the journal entries for 2020 and 2021, assuming that based on the weight of available evidence, it is more likely than not that one- fourth 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.) Date Account Titles and Explanation 2020 (To record refund.) 2021 (To record allowance.) (To record income taxes.) (To adjust allowance.) Debit Credit Assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Tamarisk Inc. Income Statement (Partial) Show transcribed image text $ $