The Keiso Company began operations in 2014. After a period of profitable years, it incurred a significant loss in 2018; however, it returned to profitable operation in 2019. Listed below is information concerning the company's taxable income/loss, applicable income tax rates, and taxes paid Year Taxable income/Loss Tax Rate 2014 $175.000 30% 2015 150,000 35% 2016 100,000 30% 2017 200,000 40% 2018 (500,000) 40% 600,000 40% 2019 In spite of the loss in 2018, Kelso's management expected to return to profitable operations and utilized the operating loss carryforward election of the income tax laws REQUIRED: 1. Prepare the 2018 journal entry necessary to reflect management's decision to use the operating loss carry forward. 2. Prepare the journal entry for 2019 to record the companies income taxes. Use the table format option in the answer space to add an element of structure to your answer. For examples Account debited $$ Account credited