Wildhorse Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes.

ear		Pretax Income (Loss)			Tax Rate
2018		$112,000			17	%
2019		97,000			17	%
2020		(236,000	)		19	%
2021		314,000			19	%

The tax rates listed were all enacted by the beginning of 2018.

Wildhorse Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year 2018 Pretax Income (Loss) $112,000 97,000 (236,000) 314,000 2019 2020 2021 Tax Rate 17% 17% 19 % 19% The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2018 Income Tax Expense 19040 Income Tax Payable 19040 2019 Income Tax Expense 16490 Income Tax Payable 16490 2020 Deferred Tax Asset 5130 Benefit Due to Loss Carryforward 5130 2021 Income Tax Expense 59660 Deferred Tax Asset 5130 Income Tax Payable 54530