P17-9. Net Operating Loss, Carryback, Carryforward. CPF Corporation reported the following results for itsfirst 3 years of operation:Description Amount2018 income (before income taxes) $...

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P17-9. Net Operating Loss, Carryback, Carryforward. CPF Corporation reported the following results for its first 3 years of operation: Description Amount 2018 income (before income taxes) $ 80,000 2019 loss (before income taxes) (620,000) 2020 income (before income taxes) 800,000 There were no permanent or temporary differences during these 3 years. Assume a corporate tax rate of 46% for 2018, 40% for 2019, and 34% for 2020. CPF elects to use the carryback-carryforward provision. All tax rates were enacted at the beginning of the year. No tax rate changes are known until the year of change. Required » a. What income (loss) should CPF report in 2019? (Assume that any deferred tax asset recognized is more likely than not to be realized.) b. Prepare the journal entry(ies) to record the tax provision for 2019. o Prepare the journal entry or entries to record the tax provision for 2020. Independent of your answer to part (a), assume now that CPF elects to use the carryforward-only provi- sion, not the carryback provision. What income (loss) does CPF report in 2019? Using the assumptions made in part (d), prepare the journal entry entries for 2019. Using the assumptions made in part (d), prepare the journal entry entries for 2020.