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

Year		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.

Question 11 of 12 1.16/5 View Policies Show Attempt History Current Attempt in Progress 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 Tax Rate 17 % 17 % 19 % 19 % 2021 The tax rates listed were all enacted by the beginning of 2018. Your answer is partially correct. 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 44840 Income Tax Expense 44840 2021 Income Tax Expense 59660 Deferred Tax Asset 14820 Income Tax Payable 44840 X Your answer is incorrect. 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, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Wildhorse Inc. Income Statement (Partial) $ $ e Textbook and Media List of Accounts X Your answer is incorrect. Prepare the journal entries for 2020 and 2021, assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized. (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 2020 (To record refund.) (To record allowance.) 2021 (To record income taxes.) (To adjust allowance.) X Your answer is incorrect. Assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Wildhorse Inc. Income Statement (Partial) $ $ e Textbook and Media List of Accounts Question 11 of 12 1.16/5 View Policies Show Attempt History Current Attempt in Progress 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 Tax Rate 17 % 17 % 19 % 19 % 2021 The tax rates listed were all enacted by the beginning of 2018. Your answer is partially correct. 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 44840 Income Tax Expense 44840 2021 Income Tax Expense 59660 Deferred Tax Asset 14820 Income Tax Payable 44840 X Your answer is incorrect. 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, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Wildhorse Inc. Income Statement (Partial) $ $ e Textbook and Media List of Accounts X Your answer is incorrect. Prepare the journal entries for 2020 and 2021, assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized. (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 2020 (To record refund.) (To record allowance.) 2021 (To record income taxes.) (To adjust allowance.) X Your answer is incorrect. Assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized, prepare the income tax section of the 2020 income statement, beginning with the line "Operating loss before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Wildhorse Inc. Income Statement (Partial) $ $ e Textbook and Media List of Accounts