Meyer reported the following pretax financial income (loss) for the years 2020-2022. 2020 $120,000 2021 (150,000)...

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Meyer reported the following pretax financial income (loss) for the years 2020-2022. 2020 $120,000 2021 (150,000) 2022 190,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020- 2022. (a) Your answer is partially correct. Prepare the journal entries for the years 2020-2022 to record income tax expense, income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-fifth 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 2020 Income Tax Expense Income Tax Payable 2021 2022 (To record refund) (To record allowance) Income Tax Expense Deferred Tax Asset Income Tax Payable (To record income taxes) Debit 24000 ill 38000 Credit 24000 6000 Income Tax Payable (To record income taxes) Allowance to Reduce Deferred Tax Asset to Expected Realiz (To adjust allowance) 11 Meyer reported the following pretax financial income (loss) for the years 2020-2022. 2020 $120,000 2021 (150,000) 2022 190,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020- 2022. (a) Your answer is partially correct. Prepare the journal entries for the years 2020-2022 to record income tax expense, income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-fifth 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 2020 Income Tax Expense Income Tax Payable 2021 2022 (To record refund) (To record allowance) Income Tax Expense Deferred Tax Asset Income Tax Payable (To record income taxes) Debit 24000 ill 38000 Credit 24000 6000 Income Tax Payable (To record income taxes) Allowance to Reduce Deferred Tax Asset to Expected Realiz (To adjust allowance) 11