1. Fast Forward Inc. (FFI), which has a December 31 year end, reported the following accounting income (loss) and related tax rates for the years 2015 to 2021:

Year Accounting income (loss) Tax Rate

2015 $ 150,000 30%

2016 55,000 30%

2017 125,000 25%

2018 155,000 25%

2019 (390,000) 35%

2020 150,000 30%

2021. 170,000 30%

The tax rates from 2018 to 2021 were enacted in 2018. You can assume that accounting income (loss) and taxable income (loss) were the same in all years listed above.

Required (24 marks):

1. Prepare the journal entries to record income taxes for the years 2019 to 2021. FFI uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year after the loss year.
2. Prepare the portion of the income statement for 2019, starting with Loss before Income Tax.
3. Prepare the portion of the income statement for 2020, starting with Income before Income Tax.
4. How would the Future or Deferred Tax Asset recorded on the statement of financial position for FFI differ if the company followed ASPE or IFRS?