Novak Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: The tax rates listed were all enacted by the beginning of 2018 . Novak reports under the ASPE future/deferred income taxes method. Prepare the journal entries for each of the years 2018 to 2021 to record income tayk Assume thut tax ioss wis first carried back, and that at the end of 2020 , the loss carryforward benefits are judgeid more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record deferred benefit from loss carryforward) 2021 (To record current tax expense) (To record deferred tax expense) Assuming the tax loss is first carried back and that at the end of 2020 , the loss carryforward benefits are judged more likely than not to be realized in tha futura Prepare the journal entries for 2020 and 2021 . Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Assume that it is more likely than not that one quarter of the carryforward benefits will not be realized. This company does not use a valuation allowance. Prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax. (Enter negotive amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)