Question: Problem V (12 marks) IA2 W2021 b Monastery Wines Inc. reported the following taxable income and losses: Year Taxable income (loss) Taxes rate 2016 $250,000

Problem V (12 marks) IA2 W2021 b Monastery Wines Inc. reported the following taxable income and losses: Year Taxable income (loss) Taxes rate 2016 $250,000 30% 2017 $125,000 30% 2018 $330,000 26% 2019 $(750,000) 28% 2020 $56,000 29% There are no temporary differences other than those created by income tax losses. All tax rates are enacted in the year to which they relate. The use of tax loss carryforwards is probable in the year of loss Required: Prepare the journal entry to record income tax for 2019 and 2020

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