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Concord Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:

		Accounting				Tax
Year		Income (Loss)				Rate
2015		$ 69,000				25%
2016		25,000				25%
2017		58,000				25%
2018		78,000				30%
2019		( 219,000	)			35%
2020		69,000				30%
2021		91,000				25%

Accounting income (loss) and taxable income (loss) were the same for all years since Concord began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Concord Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b)

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Your answer is correct. Prepare the journal entries for the years 2019 to 2021 to record income taxes, assuming that Concord uses the carryback provision where possible but is uncertain if it will realize the benefits of any loss carryforward in the future. Concord does not use a valuation allowance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Par Account Titles and Explanation Debit Credit 019 Income Tax Receivable-2016 6250 Income Tax Receivable-2017 14,500 Income Tax Receivable-2018 23,400 Current Tax Benefit 44,150 120 Current Tax Expense 3300 Income Tax Payable 3300 021 Current Tax Expense 22,750 Income Tax Payable 22,750 Assume now that Concord uses a valuation allowance account along with its Future Tax Asset account. Identify which entries in the previous part of the question would differ and prepare them. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Year Account Titles and Explanation Debit Credit 2019 (To record future benefit from loss carryforward) 2019 (To bring future tax asset account to its realizable value) 2020 (To adjust future tax asset account) 2020 (To bring future tax asset account to its realizable value)

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