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Tamarisk reported the following pretax financial income (loss) for the years 2020-2022 2020 2021 2022 132,000 (15600) 198,000 b Pretax financial income (loss) and taxable

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Tamarisk reported the following pretax financial income (loss) for the years 2020-2022 2020 2021 2022 132,000 (15600) 198,000 b Pretax financial income (loss) and taxable income (los) were the same for all years involved. The enacted tax rate was 20% for 2020-2022 Part 1. Prepare the journal entries for the years 2020-2022 to record income tax expense, income taxes payable, 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-fifth of the benefits of the loss carryforward will not be realized. Year Accounts Debit Credit 34 Part 2. Prepare the income tax section of the 2021 income statement beginning with the line "Income (loss) before income taxes.". Tarik Income Statement (Partial For the Year Ended December 31, 2011 35 36 37 38 39 40 41 42 43 47 4

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