Skysong Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (loss) Tax Rate 2018 123,300 17% 2019 113,000 17% 2020 (282,000) 19%...

Skysong Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes.

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.