Operating income and tax rates for Free Company's first three years of operations were as follows:...

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Operating income and tax rates for Free Company's first three years of operations were as follows: Income Enacted tax rate 2020 $400,000 25% 2021 (S1,000,000) 20% 2022 $1,680,000 30% Answer the following questions.There are four parts.a, b, c. d. A- a. Prepare the income tax journal entry for 2020 Account Debit Credit b. Prepare the 2021 journal entry(ies) for income tax expense assuming that the company chooses to carryforward their operating loss. They also determine that it is more likely than not that they will only realize 50% of their deferred taxed asset. Account Debit Credit c Prepare the section of the Income Statement for the end of 2021 starting with Income before Taxes d. Prepare the income tax journal entry for 2022 Account Debit Credit Operating income and tax rates for Free Company's first three years of operations were as follows: Income Enacted tax rate 2020 $400,000 25% 2021 (S1,000,000) 20% 2022 $1,680,000 30% Answer the following questions.There are four parts.a, b, c. d. A- a. Prepare the income tax journal entry for 2020 Account Debit Credit b. Prepare the 2021 journal entry(ies) for income tax expense assuming that the company chooses to carryforward their operating loss. They also determine that it is more likely than not that they will only realize 50% of their deferred taxed asset. Account Debit Credit c Prepare the section of the Income Statement for the end of 2021 starting with Income before Taxes d. Prepare the income tax journal entry for 2022 Account Debit Credit

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