York Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year Tax Rate 2018 2019 2020 Accounting Income (Loss) 50,000 (160,000) 180,000 28% 30% 30% The tax rates listed were all enacted by the beginning of 2018. York reports under the ASPE future income taxes method and uses a valuation allowance to account for future tax assets. York applies loss carryback first and carryforward if necessary. Required 1) Assume that it is more likely than not that all of the carry forward benefits will be realized. Prepare the journal entries for 2019 and 2020. 2) Notwithstanding Part 1), assume that by the end of 2019, it is more likely than not that 20% of the carry forward benefit will not be realized, prepare necessary adjustment for 2019. York Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year Tax Rate 2018 2019 2020 Accounting Income (Loss) 50,000 (160,000) 180,000 28% 30% 30% The tax rates listed were all enacted by the beginning of 2018. York reports under the ASPE future income taxes method and uses a valuation allowance to account for future tax assets. York applies loss carryback first and carryforward if necessary. Required 1) Assume that it is more likely than not that all of the carry forward benefits will be realized. Prepare the journal entries for 2019 and 2020. 2) Notwithstanding Part 1), assume that by the end of 2019, it is more likely than not that 20% of the carry forward benefit will not be realized, prepare necessary adjustment for 2019