View Policies Show Attempt History Current Attempt in Progress Skysong Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $117,000 20% 2019 83,000 20% 2020 (256,000) 25 % 2021 132,000 25 % The tax rates listed were all enacted by the beginning of 2018, (a) Your answer is partially correct. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effec of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the los carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is require select "No Entry for the account titles and enter for the amounts) carryforward will not be realized. (Credit account titles are automatically indented when am MESEMETEU, BUTION select "No Entry" for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation 2018 Income Tax Expense 23400 23400 Income Tax Payable 2019 Income Tax Expense 16600 16600 Income Tax Payable 24000 2020 Income Tax Expense 24000 Deferred Tax Asset (To record income taxes.) Income Tax Expense 40000 40000 40000 33000 Allowance to Reduce Deferred Tax Asset to Expected Realiz (To record allowance.) 2021 Income Tax Expense Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Realiz 33000 Income Tax Expense (To adjust allowance.)