Xavier 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. Xavier reports under the IFRS deferred income taxes method and elect the carryback option. Instructions a) Assume that it is more likely than not that and tax loss carry forward benefits in 2020 will be realized. Determine the current and deferred income expense or benefit of 2020 and 2021. b) Prepare the journal entries to record both the current and the deferred and income taxes for 2020 and 2021. c) Based on your computation in Part 1, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax." d) Notwithstanding the assumption in Part 1, assume that at end of 2020, Xavier assessed that it is more likely than not that only 50% of the income tax loss carryforward benefits will not be realized. However, later on in 2021, Xavier was able to utilize all the income tax loss carryforward benefit. Determine the current and deferred income expense or benefit of 2020 and 2021. Xavier 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. Xavier reports under the IFRS deferred income taxes method and elect the carryback option. Instructions a) Assume that it is more likely than not that and tax loss carry forward benefits in 2020 will be realized. Determine the current and deferred income expense or benefit of 2020 and 2021. b) Prepare the journal entries to record both the current and the deferred and income taxes for 2020 and 2021. c) Based on your computation in Part 1, prepare the income tax section of the 2020 and 2021 income statements, beginning with the line "Income (loss) before income tax." d) Notwithstanding the assumption in Part 1, assume that at end of 2020, Xavier assessed that it is more likely than not that only 50% of the income tax loss carryforward benefits will not be realized. However, later on in 2021, Xavier was able to utilize all the income tax loss carryforward benefit. Determine the current and deferred income expense or benefit of 2020 and 2021