Taxable loss carryforward with valuation allowance $($ASPE$)$

In $2020,$ its first year of operations, Jersey Inc. reported a $ $200,000$ loss for tax purposes. However, in $2021,$ Jersey reported $ $250,000$ taxable income. The tax rate is $20\%,$ and is likely to remain at this rate for the foreseeable future. Jersey is a private corporation reporting under ASPE.

Assume Jersey's management thinks, at the end of $2020,$ that it is likely that the loss carryforward will not be realized in the near future. Jersey chooses to use the valuation allowance method for loss carryforwards.

Instructions

a$)$ What entries $($if any$)$ would be prepared in $2020$ to record the loss carryforward?

b$)$ What entries $($if any$)$ would be prepared in $2021$ to record the current and future income taxes

and to recognize the loss carryforward?