Your answer is partially correct. Prepare the journal entries for 2020 and 2021, assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Da not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2020 Deferred Tax Asset Income Tax Experise (To recognize benefit of loss carryforward.) Income Tax Expense Allowance to Redice Diferred to Expected Reali (To record allowance.) 2021 Income Tax pense Income Tax Hayable Deferred to set (To record income taxes.) Allowance to Reduce efored Tax Asset to Expected Real Incorpose (To adiust allowance.) View Policies Show Attempt History Current Attempt in Progress Skysong Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Pretax Income (Loss) Year Tax Rate 2018 $123,000 17 % 2019 113,000 17 % 2020 19 % (212,000) 303,000 2021 19 % The tax rates listed were all enacted by the beginning of 2018. (a)