ulate Accounting Il - 202101 - 002 QUESTION 3 (20 minutes, 8 marks) Riley Inc. reports the following pre-tax incomes (losses) for both financial reporting.purposes and tax purposes: Year Accounting Income (Loss) Tax Rate 2019 $ 120,000 25% 2020 90,000 25% 2021 (280,000) 30% 2022 220,000 30% The tax rates listed were all enacted by the beginning of 2019. Riley reports under the ASPE future/deferred income taxes method. Instructions Prepare the journal entries for 2021 and 2022 to record income tax. Assume the tax loss is first carried back and that at the end of 2021, the loss carryforward benefits are judged more likely than not to be realized in the future